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Straight expects good second half performance after posting loss in first half of year

Date: Tue, 27 Sep 2011 | Author: Paul Sanderson

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Bin and container manufacturer Straight has posted a £0.1 million loss before taxation for the six months ended 30 June 2011.

However, its underlying operating profit was £0.13 million with group sales increasing 14 per cent to £15 million.

Straight issued a profits warning in August anticipating this £0.1 million loss. It blamed this on a £1.5 million contract, which ended in July. As polymer prices increased, this impacted on the profitability of this contract.

Straight chief executive Jonathan Straight said: “The group now has a substantial asset base to serve its medium term needs and a strong and revitalised brand to capitalise on all available opportunities. We anticipate a much improved performance with the associated generation of cash during the second half of the year.”

Category: Recycling
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