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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Straight | LSE:STT | London | Ordinary Share | GB0033695486 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 77.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7737X Straight PLC 20 April 2004 Straight plc Preliminary Announcement for the year ended 31 December 2003 (un-audited) Highlights * Successful AIM flotation * Turnover at #10.2 million - up 96% * Pre tax profits at #451,000 - up 48% * Earnings per share at 23.6p * Adjusted earnings per share up from 3.5p to 4.9p * New contract wins * Order book buoyant * New Finance Director appointed Commenting on the results, James Newman, Chairman, said "The 2003 performance and higher profile as a result of the flotation will provide an excellent base from which to make further progress in 2004. The Company has cash in the bank, continues to be cash generative on its trading operations and has taken a number of steps towards its business and commercial aims since flotation. My board colleagues and I look forward to 2004 with confidence." Jonathan Straight, Chief Executive, added "The entire team is currently dedicated to implementing all of the new innovations and changes that will serve to keep the business at the forefront of the recycling container market whilst making operations more efficient and facilitating further expansion." Contacts Company: James Newman/Jonathan Straight - 0113 245 2244 Simon Mountford Communications: Simon Mountford - 01347 844844 Durlacher Limited: Matthew Robinson/Katherine Roe - 0207 459 3600 The preliminary announcement was approved by the Board on 19 April 2004. Chairman's Statement I am delighted to report a year of significant change and progress for the Company in this, my first statement as Chairman. AIM flotation The Company successfully floated on the Alternative Investment Market (AIM) in early November. Thanks must go to all my colleagues on the Board and the Company's advisors for achieving this milestone on time and without too much disruption to day to day business operations. The flotation was a result of the tremendous efforts made by our Chief Executive, Jonathan Straight, who started the business in 1993. The primary reason for listing on AIM was to give the Company a stronger financial base from which to significantly expand its activities. These included the development of new products, more efficient systems and a general increase in marketing activity as well as looking for suitable acquisitions. Although the Company's admission to AIM came only a few weeks before the financial year end, much progress has been made in a number of these areas. No acquisitions have yet been made but some potential targets have been identified. Results for the year Although there were inevitably some distractions caused by the flotation process, turnover almost doubled to #10.2 million against #5.2 million in 2002. Margins, however, were reduced in 2003 as a result of the sales mix as larger trade contracts were won. There was a greater expenditure on direct marketing activity in conjunction with some of our largest customers. Despite this reduction in margin, profit before tax at #451,000 was up 48% on 2002, an excellent performance. In line with the statement made in the Prospectus at the time of the float, the Board is not recommending a dividend. Board I and my two non-executive colleagues, Roger Green and Colin Glass, officially joined the Board a month before the flotation. Jonathan Straight and Tom Musgrove, the Operations Director of the Company have been directors for some time. I am delighted to confirm that James Mellor, our Financial Controller, who joined the Company just before the flotation, has been appointed to the Board as Finance Director and Company Secretary with effect from today. James is a Chartered Accountant and has considerable industry experience. Outlook The 2003 performance and higher profile as a result of the flotation will provide an excellent base from which to make further progress in 2004. The Company has cash in the bank, continues to be cash generative on its trading operations, and has taken a number of steps towards its business and commercial aims since flotation. My board colleagues and I look forward to 2004 with confidence. James H Newman Chairman 20 April 2004 Chief Executive's Review Chief Executive's Report The primary goal for 2003 was to bring the Company to the Alternative Investment Market (AIM) which was successfully achieved at the beginning of November. Notwithstanding the flotation, rapid growth for the previous two years and the prospect of further accelerated growth, 2003 provided us with numerous other challenges and considerable opportunities which needed to be met. I am pleased to report that considerable progress has been made by the Company across a number of its activities during the year. Financial performance Operating profitability In spite of the inevitable consumption of management time by the flotation, turnover was almost doubled in the year, increasing to #10.2 million in 2003 from #5.2 million in 2002. This turnover increase was achieved with only a modest fall in operating margin from 5.5% in 2002 to 4.3% in 2003. The factors behind the fall were a change in the sales mix towards high volume but lower margin business as the Company increased its share of its growing market, and also a relatively weak Euro at the end of 2003. The Company increased its expenditure on marketing in partnership with local authorities and utility companies, and also general marketing activity during the year. Earnings per share Basic earnings per share were 23.6p and adjusted earnings per share, calculated as if all shares in issue at 31 December 2003 had been in issue throughout 2002 and 2003, rose 40% from 3.5p in 2002 to 4.9p in 2003. Cash flow Net working capital increased from #63,000 in July 2003, as reported in the pro forma balance sheet included in our Prospectus at flotation, to #235,000 at 31 December 2003. Management believes that there is scope to reduce working capital during 2004. The business remains and will remain strongly cash generative as the new finance team in place since the flotation continues to strive to maximise cash flow. Business activities As soon as we were admitted to AIM, we began a programme of implementing a number of the innovations and exploring the opportunities mentioned in the Prospectus. New tools have been commissioned for products in several of our markets. These include a new 44 litre kerbside box, which integrates with our market-leading 55 litre product, thus allowing increased volume to be collected in a manner to suit many of our local authority clients. Also two new home composting bins have gained us numerous new accounts and an outdoor recycling bin has made an impressive debut in London. Having our shares listed on AIM has brought a number of additional benefits and these became apparent immediately after flotation. Our success in coming to the market generated tremendous publicity with a national profile. This has helped to increase our brand awareness. A new PR agency is now successfully handling our trade press relations and bright new advertisements are appearing on the back pages of the main industry titles to further increase our profile amongst our core trade customer base. On the retail side, our new catalogue has just been published. This doubles the number of products offered in previous years and is published in our own even greener version as well as a number of versions cross branded with water company liveries. Various investments in IT hardware and software are ongoing and are making our service more efficient. Once complete, we will then be able to scale up some areas of our activity without significant increases in staffing levels. Contract awards The investment in increased market presence is paying off. Our #1.1 million contract in Northampton, announced on 9 March 2004, to supply kerbside boxes and wheeled bins, is now complete. I am pleased to announce another contract win with a #1.8 million award from the London Borough of Bexley for boxes and wheeled bins, as well as for integrated tracking hardware and software. Other contract wins include those from WRAP - the government funded recycling co-ordinator - which has ordered compost bins worth more than #900,000 for distribution across several local authority areas. In addition Northumbrian Water Limited appointed us as their affinity-marketing partner in the Essex & Suffolk Region for the first time, adding this to our traditional work with them in the north east. Currently our order book is the highest it has ever been and will provide a good base for further turnover growth in 2004. Jonathan M Straight Chief Executive 20 April 2004 Summarised Profit and Loss Account For the year ended 31 December 2003 (un-audited) 2003 2002 Note #'000 #'000 Turnover 2 10,180 5,194 Cost of sales 3 (8,947) (4,137) _____ _____ Gross profit 1,233 1,057 Operating expenses 3 (798) (770) _____ _____ Operating profit 435 287 Interest receivable 4 16 17 _____ _____ Profit on ordinary activities before taxation 2 451 304 Taxation 5 (113) (61) _____ _____ Profit for the financial year 338 243 Dividends 6 - (32) _____ _____ Profit retained and transferred to reserves 338 211 _____ _____ Basic earnings per share (p) 7 23.6 2,430.0 Diluted earnings per share (p) 7 23.5 2,430.0 All operations are continuing. There were no recognised gains or losses other than the profit for the financial year. Summarised Balance Sheet At 31 December 2003 (un-audited) 2003 2002 #'000 #'000 Fixed assets Tangible fixed assets 290 60 Investments - - _____ _____ 290 60 Current assets Stocks 199 195 Debtors 3,303 1,468 Cash at bank and in hand 1,758 632 _____ _____ 5,260 2,295 Creditors: amounts falling due within one year (3,267) (1,619) _____ _____ Net current assets 1,993 676 Total assets less current liabilities 2,283 736 Provisions for liabilities and charges (14) - _____ _____ Net assets 2,269 736 _____ _____ Capital and reserves Called up share capital 69 - Share premium account 1,175 - Profit and loss account 1,025 736 _____ _____ Equity shareholders' funds 2,269 736 _____ _____ Summarised Cash Flow Statement For the year ended 31 December 2003 (un-audited) 2003 2002 Note #'000 #'000 Net cash inflow/(outflow) from operating activities 8 203 (47) Returns on investments and servicing of finance Interest received 16 17 _____ _____ Net cash inflow from returns on investments and servicing of 16 17 finance Taxation (61) (62) Capital expenditure Purchase of tangible fixed assets (267) (43) _____ _____ Net cash outflow from capital expenditure (267) (43) Equity dividends - (31) Net cash outflow before financing (109) (166) Financing Issue of share capital 1,524 - Costs of share issue (289) Repayment of directors loan capital - (7) _____ _____ Net cash inflow from financing 1,235 (7) _____ _____ Increase/(decrease) in cash 9 1,126 (173) _____ _____ Notes to the Preliminary Announcement For the year ended 31 December 2003 (un-audited) 1. Basis of preparation The preliminary announcement has been prepared under the historic cost convention in accordance with applicable accounting standards. The principal accounting policies of the Company have remained unchanged from those set out in the Company's 2002 Financial Statements. 2. Turnover and profit on ordinary activities before taxation The turnover and profit on ordinary activities before taxation are attributable to the principal activities. All turnover arises in the UK. The breakdown of turnover between that which is attributable to the container solutions business and environmentally friendly home and garden products businesses has not been disclosed as it would be seriously prejudicial to the Company's interests. The profit on ordinary activities before taxation is stated after the costs stated below (except for those costs relating to the share issue). 2003 2002 #'000 #'000 Depreciation of owned assets 37 35 Operating lease rentals 62 47 Auditors' remuneration (Grant Thornton) - audit services 13 - Auditors' remuneration - (Winburn Glass Norfolk) - audit - 5 services Auditors' remuneration (Grant Thornton) - other services 41 - Auditors' remuneration - (Winburn Glass Norfolk) - other 35 25 services During the year #41,000 was paid to Grant Thornton in respect of due diligence work performed prior to the Company's flotation. #35,000 was paid to Winburn Glass Norfolk for advisory services in respect of the share issue. These costs have been offset against the share premium account. 3. Cost of sales and other operating expenses 2003 2002 #'000 #'000 Cost of sales 8,947 4,137 Operating expenses Distribution costs 360 410 Administration expenses 438 360 _____ _____ 798 770 _____ _____ 4. Interest receivable 2003 2002 #'000 #'000 On bank deposits 16 17 5. Taxation 2003 2002 #'000 #'000 Corporation tax at an average rate of 23% (2002: 20%) 99 61 Deferred tax 14 - _____ _____ 113 61 _____ _____ Analysis of current tax charge Profit on ordinary activites before tax 451 304 Profit on ordinary activities multiplied by standard rate of corporation tax in the UK (30%) 135 91 Expenses not deductable for tax purposes 17 - Capital allowances (in excess of)/less than depreciation (24) 2 Marginal relief (29) (32) _____ _____ 99 61 _____ _____ 6. Dividends 2003 2002 #'000 #'000 Equity dividends Final dividend - 32 In line with the statement made in the Prospectus at the time of the flotation of the Company, the directors are not recommending a dividend. 7. Earnings per share Basic and diluted earnings per share Basic earnings per share is calculated on the basis of profit for the year after tax divided by the weighted average number of shares in issue for the year. Diluted earnings per share is calculated on the basis of profit for the year after tax divided by the weighted average number of shares in issue for 2003 plus the weighted average number of shares which would be issued if all the options granted were exercised. All options were dilutive at 31 December 2003. Earnings Weighted Per Earnings Weighted Per average no. share average no. share #'000 of shares pence #'000 of shares pence Basic earnings attributable to ordinary shareholders 338 1,431,733 23.6 243 10,000 2,430.0 Dilutive effect of securities Options 3,758 ____ _________ ____ _______ Diluted earnings per share 338 1,435,491 23.5 243 10,000 2,430.0 ____ _________ ____ _______ Adjusted earnings per share Adjusted earnings per share is calculated as if all shares issued at 31 December 2003 had been in issue throughout 2002 and 2003. 2003 2002 Earnings No. of Per Earnings No. of Per shares in share shares in share #'000 issue pence #'000 issue pence Basic earnings attributable to ordinary shareholders 338 6,903,750 4.9 243 6,903,750 3.5 8. Reconciliation of operating profit to net cash flow from operating activities 2003 2002 #'000 #'000 Operating profit 435 287 Depreciation 37 35 (Increase)/decrease in stocks (4) (69) (Increase)/decrease in debtors (1,835) (978) Increase/(decrease) in creditors 1,570 678 ______ ______ 203 (47) ______ ______ 9. Reconciliation of net cash flow to movement in net funds 2003 2002 #'000 #'000 Increase/(decrease) in cash in the year 1,126 (173) Net funds at 1 January 2003 632 805 ______ ______ 1,758 632 ______ ______ 10. Publication of non statutory accounts The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The summarised balanced sheet at 31 December 2003 and the summarised profit and loss account, summarised cash flow statement and associated notes for the year then ended have been extracted from the Company's financial statements. Those financial statements have not yet been delivered to the Registrar, nor have the auditors reported on them. 11. Annual General Meeting The Annual General Meeting of the Company will be held in Leeds on Friday 18 June 2004. Full details will be included in the published Annual Report and Financial Statements which will be sent to shareholders in due course. This information is provided by RNS The company news service from the London Stock Exchange END FR DKLFFZZBZBBD
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