Preliminary Results for the year ended 31 December 2011
Straight plc (AIM: STT), the recycling products and services group, is pleased to announce its unaudited Preliminary Results for the year ended 31 December 2011.
Financial Highlights
- • Group revenue £28.0m (2010: £30.7m)
- • Underlying* operating profit £0.2m (2010: £2.0m)
- • (Loss)/profit before tax £(0.8m) (2010: £1.5m)
- • Adjusted* earnings per share 6.7p (2010: 15.3p)
- • Basic loss per share 2.1p (2010: earnings of 8.6p)
- • Dividends paid 2.6p (2010: 3.5p)
Operational Highlights
- • Manufacturing fully vertically integrated
- • Blow moulding facility introduced
- • New management team in place in acquired factory
- • Group logistics consolidated into one site
* excludes the impact of acquisition costs, reorganisation costs, share scheme charges, amortisation of customer relationships and trademarks and deferred tax of £1.0m (2010: £0.8m)
Commenting on the results, Jonathan Straight, Chief Executive of Straight plc:
“It is fair to say that 2011 has been a tough year for us with a number of key issues to deal with. Notwithstanding these difficulties, our market share has remained intact and the Board has worked very hard to mitigate those matters that we have previously reported.”
“We are now some way into 2012 and we are beginning to see the results of the actions we have taken. We are optimistic for the rest of the year and beyond.”
James Newman, Chairman of Straight plc, added:
“The Board and management team have worked hard to address a number of challenges faced by the Group throughout the year. As a result in 2012 the Group is returning to profitability and the picture is more positive.”