Trading Update (3056A)
31 Enero 2011 - 1:00AM
UK Regulatory
TIDMSTT
RNS Number : 3056A
Straight PLC
31 January 2011
Date: 31 January 2010
On behalf of: Straight plc ("Straight" the "Company" or "the
Group")
Embargoed until: 0700hrs
Straight plc
Trading Update
Straight plc (AIM: STT), the environmental products and services
group, is pleased to provide an update on trading for the year
ended 31 December 2010 ahead of its preliminary results
announcement on 28 March 2011.
The Company is pleased to announce that its results for the year
to 31 December 2010 will be in line with market expectations.
Group turnover has increased by 8% and is attributable to the
successful integration of the wheeled bin manufacturing assets
acquired from Helesi UK and the fulfilment of a number of large
contracts in this market. The Group has now achieved a strong
proprietary manufacturing position from which it will continue to
benefit.
Integration and development at the recently acquired Dyro
manufacturing operation in Hull is progressing well and the Group
is installing new blow moulding facilities to complement the
existing injection moulding capability. The expanded site will
enable the Group to manufacture over two thirds of its core product
output at one location. Warehouse facilities are being extended at
the site and this will create a much more cost efficient
distribution hub. These facilities are expected to be completed by
the end of the first quarter of 2011.
With the transformation of the Group into a vertically
integrated business now largely complete, Straight is now actively
seeking to broaden its product offering, both through product
development and selective acquisitions.
Current trading in 2011 is in line with management
expectations.
Jonathan Straight, Chief Executive of Straight plc, said:
"We are extremely pleased with the progress the Group has made
in the past year, including the successful integration of two key
acquisitions. We have made significant steps towards achieving the
Group's strategic goals and we look forward to further
strengthening our position in our various markets, enhancing
shareholder value as a consequence."
For further information contact:
Straight plc
Jonathan Straight, CEO 07977 002366
Cenkos Securities plc
Ivonne Cantu (Nomad) 0207 397 8980
Christian Hobart (Sales)
Redleaf Communications
Lucy Salaman/ Rebecca Sanders-Hewett 0207 566 6700
Notes to Editors
-- Straight plc is the UK's leading supplier of specialist
kerbside recycling containers as well as being a key supplier of a
broad range of waste and recycling container solutions. Founded in
1993 by the current Chief Executive, Jonathan Straight, the
business has since supplied more than 20 million kerbside boxes,
baskets and caddies to local authorities across the UK, securing
its position as the industry leader.
-- The business operates through two divisions. The core Trade
Business supplying products in bulk to local authorities,
utilities, the waste industry, retailers and other businesses and
the Retail Business supplying a range of proprietary
environmentally friendly consumer products directly to the public,
often in partnership with a local authority or a utility.
-- In 2010 two acquisitions changed the business model, which
previously relied on outsourced manufacture. In March 2010 Straight
acquired the business and assets of the UK business of Helesi plc
giving it a proprietary position in the wheeled bin market. This
was followed in August 2010 by the acquisition of Powell Plastics,
a key supplier of injection moulded products to the group.
-- In February 2009, Straight added to its portfolio with the
acquisition of Harcostar Garden Products, a long established
premium brand consisting of water butts, compost bins, watering
cans and accessories. This gained new distribution channels for the
business in the UK and in Europe.
-- In 2005, Straight acquired Blackwall Limited, the UK's
largest supplier of home composters and water butts. Through the
Blackwall brand Straight has delivered more than 3.5 million
compost bins and water butts.
-- By the end of Q1 2011 almost two thirds of the products
supplied will be produced in Straight's own factory which is
currently being expanded.
-- Straight plc has established diverse overseas sales channels
for its products, some of which are manufactured locally to their
markets in North America and in Australia. Other markets are
serviced from UK production.
-- Further information about the company and its products can be
found at: www.straight.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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