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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 |
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RNS Number:9795R
Straight PLC
30 September 2005
30 September 2005
STRAIGHT PLC
Interim results announcement for the six months
ended 30 June 2005
Pre-tax profits up 135%
Adjusted earnings per share up 76%
First orders for Materials Handling Division
Straight plc, the Leeds-based supplier of recycling containers which is listed
on AIM, today 30 September announces its interim results for the six months
ended 30 June 2005.
Highlights:
- Turnover: #14.0m (2004: #7.4m) - up 89.2%
- Pre-tax profits: #825,000 (2004: #351,000) - up 135%
- Earnings per share (adjusted): 6.5p (2004: 3.7p) - up 75.7%
- Dividend declared of 1p per share (2004: 0.8p) - up 25%
- First orders for Materials Handling Division
Commenting on the results, James Newman, Chairman of Straight, said: "The
Company has made substantial progress on a number of fronts in the first six
months of 2005."
Integration of Blackwall
Mr Newman said: "This acquisition was completed on 19 January and I am pleased
to report that the integration of the Straight and Blackwall businesses is
virtually complete and will be finalised in the next few weeks."
For further information contact:
James Newman/Jonathan Straight - 0113 245 2244 or 07850 672727
Panmure Gordon: Matthew Robinson/Katherine Roe - 0207 459 3600
Simon Mountford Communications:
Simon Mountford/Alison Crawford - 01347 844844
Chairman's Statement
The Company has made substantial progress on a number of fronts in the first six
months of 2005.
Acquisition and integration of Blackwall
This acquisition was completed on 19 January and I am pleased to report that the
integration of the Straight and Blackwall businesses is virtually complete. All
the key areas of the two businesses, sales, marketing and operations, finance
and IT, have successfully been brought together. The closure of one warehouse
is still to be finalised, and this will be achieved in the next few weeks.
Results
Turnover at #14.02 million was double the level achieved in the same period last
year. Gross margins also improved from 14.1% to 15.4%, despite higher costs
associated with distribution and transport.
Operating profit before goodwill and reorganisation costs has increased from
#322,000 to #961,000 which is a very creditable performance and results from
both the Blackwall acquisition and from organic growth.
Profit before tax is #825,000 compared with #351,000 in the same period in 2004.
Basic earnings per share has increased by 30%. Adjusted earnings per share has
increased by 76% despite the higher tax charge.
Dividend
The Board has declared an interim dividend of 1p per share (2004: 0.8p). This is
payable on 16 December 2005 to shareholders on the register at 18 November 2005.
Outlook
With the integration of the two businesses almost complete, a healthy order book
and a developing Materials Handling Division, the Board expects to make further
progress in the second half of the year.
James H Newman
Chairman
30 September 2005
Operating Review
Acquisition and integration of Blackwall
The acquisition of Blackwall in January has proved to be a transforming deal for
the business. This important accomplishment consolidated our position as clear
leader in each of our main markets.
Over the first weeks of 2005, a number of useful meetings were held with
Blackwall's key customers and suppliers who were reassured that, insofar as was
possible, it was "business as usual". This promise has been met and we have
continued to trade in the usual way whilst integrating the two organisations.
The integration process was almost complete by the end of June and a new and
dynamic management team, created from both businesses, was put in place.
Significant investment in IT and telecommunications has allowed much more
efficient working across departments and sites. We have now positioned the
Blackwall name as our consumer brand and the market has responded well to this.
Core markets
In the kerbside container market we have broadened our range and increased our
customer base. In the home composting and water butt markets we have
consolidated our product range, contact centres and carrier networks. This has
led to improved efficiency and margins.
Materials Handling
Significant progress has also been made in our new Materials Handling Division.
New products have been introduced with a range of attached-lid containers
launched at the Interpack fair in Dusseldorf. We were delighted to receive in
August our first significant orders totalling #400,000 from key logistic and
retail accounts for delivery commencing in the second half of the year. We are
also at an advanced stage of discussion with a number of enquiries from other
customers, and hope to further announcements later in the year.
Strategic developments
Since the Blackwall acquisition, considerable progress has been made in
developing strategic and operational partnerships with a number of key
customers, suppliers and other industry partners in areas such as product
development, marketing and distribution.
The Board's aim is to develop areas of business, both at home and abroad, where
the our marketing and product strengths may be best exploited, to grow the
Company's existing businesses and to expand into complementary activities.
The successful integration of the two businesses has resulted in an
organisation, which as a whole is bigger and better than the two parts that made
it. We have also positioned ourselves favourably in the materials handling
arena. These achievements will launch the organisation into its next stage of
development.
Jonathan M Straight
Chief Executive
30 September 2005
Unaudited Consolidated Profit and Loss Account
For the 6 months ended 30 June 2005
Half year Half year Year ended
to 30 June to 30 June 31 Dec
2005 2004 2004
Restated
Notes #'000 #'000 #'000
Turnover 14,019 7,404 12,807
Cost of sales (11,867) (6,361) (10,850)
_____ _____ _____
Gross profit 2,152 1,043 1,957
Operating expenses (1,191) (721) (1,319)
_____ _____ _____
Operating profit before goodwill amortisation 961 322 638
and reorganisation costs
Goodwill amortisation (144) - -
Reorganisation costs (60) - -
_____ _____ _____
Operating profit 757 322 638
Interest receivable 68 29 73
_____ _____ _____
Profit on ordinary activities before taxation 825 351 711
Taxation 3 (304) (97) (192)
_____ _____ _____
Profit for the financial period 521 254 519
_____ _____ _____
Basic earnings per share (p) 4 4.8 3.7 7.5
Diluted earnings per share (p) 5 4.7 3.6 7.3
Adjusted earnings per share (p) 6 6.5 3.7 7.5
Unaudited Consolidated Balance Sheet
At 30 June 2005
30 June 30 June 31 December
2005 2004 2004
Restated
#'000 #'000 #'000
Fixed assets
Tangible fixed assets 850 421 460
Intangible fixed assets 5,635 - -
_____ _____ _____
6,485 421 460
Current assets
Stocks 637 178 312
Debtors 4,278 3,308 2,055
Cash at bank and in hand 4,336 2,237 2,915
_____ _____ _____
9,251 5,723 5,282
Creditors: amounts falling due within one year (7,141) (3,605) (3,120)
_____ _____ _____
Net current assets 2,110 2,118 2,162
Total assets less current liabilities 8,595 2,539 2,622
Provisions for liabilities and charges (11) (16) (17)
_____ _____ _____
Net assets 8,584 2,523 2,605
_____ _____ _____
Capital and reserves
Called up share capital 113 69 69
Share premium account 6,572 1,175 1,158
Profit and loss account 1,899 1,279 1,378
_____ _____ _____
Equity shareholders funds 8,584 2,523 2,605
_____ _____ _____
Unaudited Consolidated Cash Flow Statement
For the 6 months ended 30 June 2005
Half year to Half year to Year ended 31
30 June 2005 30 June 2004 Dec 2004
#'000 #'000 #'000
Net cash inflow from operating activities 1,416 627 1,550
Returns on investments and servicing of finance
Interest received 44 29 58
_____ _____ _____
Net cash inflow from returns on investments and 44 29 58
servicing of finance
Taxation - - (99)
Capital expenditure
Purchase of tangible fixed assets (279) (177) (280)
Sale of tangible fixed assets 4 - 1
_____ _____ _____
Net cash outflow from capital expenditure (275) (177) (279)
Acquisitions
Purchase of subsidiary undertaking (6,153) - -
Net cash acquired with subsidiary undertaking 1,791 - -
_____ _____ _____
Net cash outflow from acquisitions (4,362) - -
Equity dividends (110) - (56)
Management of liquid resources
Increase in short term deposits (1,500) - (1,500)
_____ _____ _____
Net cash (outflow)/inflow before financing (4,787) 479 (326)
Financing
Issue of share capital 5,000 - -
Costs of share issue (292) - (17)
_____ _____ _____
Net cash inflow/(outflow) from financing 4,708 - (17)
_____ _____ _____
(Decrease)/increase in cash (79) 479 (343)
_____ _____ _____
Reconciliation of operating profit to net cash inflow
from operating activities
Operating profit 757 322 638
Depreciation 111 46 108
Goodwill amortisation 144 - -
(Profit)/loss on sale of fixed assets (4) - 1
(Increase)/decrease in stock (107) 21 (113)
(Increase)/decrease in debtors (1,084) (5) 1,263
Increase/(decrease) in creditors 1,599 243 (347)
_____ _____ _____
Net cash inflow from operating activities 1,416 627 1,550
_____ _____ _____
Reconciliation of net cash flow to movement in net funds
(Decrease)/increase in cash in period (79) 479 (343)
Purchase of short term deposits 1,500 - 1,500
Net funds at beginning of period 2,915 1,758 1,758
_____ _____ _____
Net funds at end of period 4,336 2,237 2,915
_____ _____ _____
Notes
1. The financial information set out in this interim report
does not constitute statutory accounts as defined in section 240 of the
Companies act 1985. The figures for the year to 31 December 2004 have been
extracted from the audited financial statements of Straight plc. These
financial statements received an unqualified audit report and have been filed
with the Registrar of Companies.
2. The interim financial statements have been prepared on the
same basis and using the same accounting policies as used in the full financial
statements for the year ended 31 December 2004, except that FRS21, "Events after
the Balance Sheet Date" has been adopted. Prior period figures have been
restated as appropriate. The interim financial statements have been approved by
the Board and are un-audited.
3. Taxation has been provided at the estimated effective rate
of 30% for the year as a whole (2004: 27%).
4. Basic earnings per share is calculated on the basis of the
profit for the period after tax divided by the weighted average number of shares
in issue in the period of 10,886,963. The comparatives are calculated by
reference to the weighted average number of shares in issue during both
comparative periods of 6,903,750.
5. Diluted earnings per share is calculated on the basis of
profit for the period after tax divided by the weighted average number of shares
in issue plus the weighted average number of shares which would be issued if all
options granted were exercised. The addition to the weighted average number of
ordinary shares used in the calculation of diluted earnings per share is 220,844
(31 December 2004: 159,512).
6. Adjusted earnings per share is calculated on the basis of
the adjusted profit for the period, defined as the profit for the financial
period before the effects of goodwill and re-organisation costs after tax,
divided by the weighted average number of shares in issue in the period of
10,886,963. The adjusted earnings per share figure reflects our recurring
trading profitability. The comparatives are calculated by reference to the
weighted average number of shares in issue during both comparative periods of
6,903,750.
7. An interim dividend of 1p per share (2004 interim: 0.8p,
2004 final: 1.6p) has been recommended and is payable on 16 December 2005 to
shareholders on the register at 18 November 2005.
8. This statement is being sent to the shareholders of the
Company and will be available at the Company's registered office at 31 Eastgate,
Leeds, LS2 7LY.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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