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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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:4388J Straight PLC 26 September 2006 26 September 2006 STRAIGHT PLC Interim results announcement for the six months ended 30 June 2006 Pre-tax profits up 42% Earnings per share up 43% Strong organic growth Straight plc, the Leeds-based supplier of recycling containers which is listed on AIM, today 26 September announces its interim results for the six months ended 30 June 2006. Highlights: - Pre-tax profits #1.15m : an increase of 42% - Earnings per share 6.6p : an increase of 43% - Dividend declared 1.2p per share : an increase of 20% - Continued and strong organic profitability growth across the business Commenting on the results, James Newman, Chairman of Straight, said: "The first half of the year was yet another period of significant progress in many areas of our business". Mr Newman said: "As environmental issues remain high on the Government's agenda, the Company continues to thrive with demand for the Company's products and services, especially water saving products, remaining high. The second half of the year will bring even more progress." For further information contact: James Newman/Jonathan Straight - 0113 245 2244 or 07850 672727 Panmure Gordon: Andrew Godber/Katherine Roe - 0207 459 3600 Simon Mountford Communications: Simon Mountford/Alison Crawford - 01904 520162 Chairman's Statement I am pleased to report yet another period of significant progress in many areas of our business. Whilst the first half of the year did present a number of challenges for the Company, we have emerged into the second half much stronger, having gained footholds in a number of new markets. At the same time we have succeeded in delivering improved financial performance. Results A change in our sales mix resulted in turnover of #12.6 million being 10% lower than last year. However, a reduced proportion of sales of wheeled-bins and a doubling of our fulfilment activities and contact centre work, did result in an overall increase in profitability. Our new product ranges, with higher unit margins, have exceeded expectations. Due to this more profitable sales mix, gross margins improved from 15.4% to 23.2%. Satisfying the demands posed by the substantial increase in sales of our water saving product range was not without challenges. Some additional costs were incurred as the Company strived to maintain deliveries and customer service levels during the periods of peak activity. Additional operating costs were also incurred in recruiting key management and staff, who will be needed for our next phase of business growth. Investments were also made in IT and product development, the main benefits of which will be felt in future years. Profit before tax increased by 42% to #1.15 million and basic earnings per share by 43% to 6.6p, both excellent achievements. Dividend The Board has declared a 20% increase in the interim dividend to 1.2p per share (2005: 1.0p). This is payable on 15 December 2006 to shareholders on the register at 17 November 2006. Strategic Developments As the business continues to grow, the challenges grow with it. Considerable work is ongoing in delivering service improvements, making us more efficient and better able to meet our customers' demands. We have now created a base where new products can be developed, prototyped and then launched rapidly to market. It has also created a framework where acquisitions can be rapidly integrated into the business model as has been proven with the Cloudburst acquisition. As environmental issues remain high on the Government's agenda, the Company continues to thrive. Further opportunities are being considered with a view to achieving both organic growth and expansion through acquisition. Outlook Demand for the Company's products and services remains high, especially for water saving products. The Materials Handling Division is building up a healthy order book for the second half of the year and into 2007. The Board is confident that the second half of the year will bring even more progress. James H Newman Chairman 26 September 2006 Operating Review Core Markets Sales of kerbside containers have remained strong. Many of our customers now order smaller top-up quantities and this has helped to drive profitability forward. Key contracts were secured including the supply of wheeled bins and kerbside boxes to Councils such as Kettering and Manchester City. In addition, our success in an e-tender run by the Eastern Shires Purchasing Organisation resulted in orders of more than 100,000 wheeled bins. Of particular note was a contract to supply SITA with 150,000 sets of caddies for a kitchen waste recycling scheme in Bristol. Using a combination of a 5 litre kitchen caddy and 25 litre kerbside caddy, the system had been proven in neighbouring Somerset and is now attracting interest from other areas. New and generally more profitable products have also achieved market success. Our kitchen composter was a hit in Doncaster where 12,000 units were delivered and our new wheeled bin inner caddy led to an order from Bradford City Council for an initial 30,000 units and the expectation of substantial further business in the future. Garden products - Cloudburst acquisition Based on sales in the first half of 2006, it is fair to say that this has been the year of the water butt. Sales in the first half were more than 200% higher than in 2005, driven by water shortages and hosepipe bans in the south of the country. The Board's foresight in approving the acquisition of the Cloudburst brand in January ensured that we were well placed to get product into retail markets as demand increased. The new division set up to deal with the garden trade has had great success both with existing Cloudburst customers as well as new accounts. Direct sales activity Our mail order activity in partnership with both water companies and councils, has run at record levels. This applied to compost bins as well as water butts, driven by our ability to promote subsidised units across a number of campaigns. It is fair to say that we did not anticipate demand being quite as high as it was, and this did cause some short-term operational issues. Having promptly dealt with these matters, the business is now stronger and better positioned to deal with such demand peaks going forward. Materials Handling We completed the supply of 93,000 nest/stacking containers to FKI Logistex. These were specially designed for automated handling within a warehouse environment and have generated key interest with other systems integrators. Further to many months of work with FKI Logistex we were able to announce a #2.5 million contract to supply specialist load handling containers for the new British Library facility in Yorkshire. This prestigious contract gives us a strong position within a niche market that is likely to show significant growth in the future. Another contract with a major supermarket chain has further enhanced our position in the market place. Jonathan M Straight Chief Executive 26 September 2006 Unaudited Consolidated Profit and Loss Account For the 6 months ended 30 June 2006 Half year to Half year to Year ended 30 June 2006 30 June 2005 31 Dec 2005 Restated Restated Notes #'000 #'000 #'000 Turnover 12,564 14,019 24,343 Cost of sales (9,647) (11,867) (20,243) _____ _____ _____ Gross profit 2,917 2,152 4,100 Operating expenses (1,658) (1,191) (2,275) _____ _____ _____ Operating profit before goodwill 1,259 961 1,825 amortisation and reorganisation costs Goodwill amortisation (144) (144) (289) Reorganisation costs - (60) (153) Amortised cost of share option (26) (15) (38) schemes _____ _____ _____ Operating profit 1,089 742 1,345 Interest receivable 58 68 125 _____ _____ _____ Profit on ordinary activities before 1,147 810 1,470 taxation Taxation 3 (395) (304) (547) _____ _____ _____ Profit for the financial period 752 506 923 _____ _____ _____ Basic earnings per share (p) 4 6.6 4.6 8.3 Diluted earnings per share (p) 5 6.4 4.6 8.1 Headline earnings per share (p) 6 8.1 6.7 12.6 Unaudited Consolidated Balance Sheet At 30 June 2006 30 June 30 June 31 December 2006 2005 2005 Restated Restated #'000 #'000 #'000 Fixed assets Tangible fixed assets 1,171 850 882 Intangible fixed assets 5,431 5,635 5,490 _____ _____ _____ 6,602 6,485 6,372 Current assets Stocks 542 637 415 Debtors 6,182 4,278 5,489 Cash at bank and in hand 5,139 4,336 2,036 _____ _____ _____ 11,863 9,251 7,940 Creditors: amounts falling due within (9,022) (7,141) (5,364) one year _____ _____ _____ Net current assets 2,841 2,110 2,576 Total assets less current liabilities 9,443 8,595 8,948 Provisions for liabilities and charges (37) (11) (37) _____ _____ _____ Net assets 9,406 8,584 8,911 _____ _____ _____ Capital and reserves Called up share capital 113 113 113 Share premium account 5,827 6,572 5,827 Merger reserve 744 - 744 Profit and loss account 2,722 1,899 2,227 _____ _____ _____ Equity shareholders funds 9,406 8,584 8,911 _____ _____ _____ Unaudited Consolidated Cash Flow Statement For the 6 months ended 30 June 2006 Half year to Half year to Year ended 30 June 2006 30 June 2005 31 Dec 2005 #'000 #'000 #'000 Net cash inflow/(outflow) from 3,879 1,416 (160) operating activities Returns on investments and servicing of finance Interest received 58 44 125 _____ _____ _____ Net cash inflow from returns on 58 44 125 investments and servicing of finance Taxation - - (514) Capital expenditure Purchase of intangible fixed assets (85) - - Purchase of tangible fixed assets (466) (279) (457) Sale of tangible fixed assets - 4 4 _____ _____ _____ Net cash outflow from capital (551) (275) (453) expenditure Net cash outflow from acquisitions - (4,362) (4,362) Equity dividends (283) (110) (222) Management of liquid resources Increase in short term deposits (1,500) (1,500) - _____ _____ _____ Net cash inflow/(outflow) before 1,603 (4,787) (5,586) financing Financing Issue of share capital - 5,000 5,000 Costs of share issue - (292) (293) _____ _____ _____ Net cash inflow from financing - 4,708 4,707 _____ _____ _____ Increase/(decrease) in cash 1,603 (79) (879) _____ _____ _____ Reconciliation of operating profit to net cash inflow from operating activities Operating profit 1,115 757 1,383 Depreciation 178 111 256 Goodwill amortisation 144 144 289 (Profit)/loss on sale of fixed assets - (4) (4) (Increase)/decrease in stock (127) (107) 115 Increase in debtors (693) (1,084) (2,320) Increase in creditors 3,262 1,599 121 _____ _____ _____ Net cash inflow/(outflow) from 3,879 1,416 (160) operating activities _____ _____ _____ Reconciliation of net cash flow to movement in net funds Increase/(decrease) in cash in period 1,603 (79) (879) Purchase of short term deposits 1,500 1,500 - Net funds at beginning of period 2,036 2,915 2,915 _____ _____ _____ Net funds at end of period 5,139 4,336 2,036 _____ _____ _____ 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 2005 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 2005, except that FRS20, "Share Based Payments" has been adopted. Prior period figures have been restated as appropriate. The interim financial statements have been approved by the Board and are unaudited. 3. Taxation has been provided at the estimated effective rate of 30% (6 months ended 30 June 2005: 30%; 12 months ended 31 December 2005 30%). 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 11,326,827. The comparatives are calculated by reference to the weighted average number of shares in issue in the 6 months ended 30 June 2005 of 10,886,963 and the 12 months to December 2005 of 11,096,585. 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 390,763 (30 June 2005: 220,844; 31 December 2005: 303,771). 6. Headline 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, share based payments and re-organisation costs after tax, divided by the weighted average number of shares in issue in the period of 11,326,827. The headline earnings per share figure reflects our recurring trading profitability. The comparatives are calculated by reference to the weighted average number of shares in issue in the 6 months ended 30 June 2005 of 10,886,963 and the 12 months to December 2005 of 11,096,585. 7. An interim dividend of 1.2p per share (2005 interim: 1.0p, 2005 final: 2.5p) has been recommended and is payable on 15 December 2006 to shareholders on the register at 17 November 2006. 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 IR MGGZLVKVGVZM
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