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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:3801D
Straight PLC
28 September 2004
28 September 2004
Straight Plc
Interim Statement for the six months to 30 June 2004
Chairman's Statement
I am delighted to report further progress for the Company over the last six
months.
Results
Turnover in the first half of the year at #7.4 million was higher than the
Board's expectations and compares with the full year's turnover of #10.2 million
in 2003. The improvement was mainly boosted by a substantial increase in sales
of higher value items, from our range of kerbside containers. Our recently
introduced range of wheeled refuse containers also formed a significant part of
the sales, albeit at a lower margin.
Retail sales were slow in the first half due to generally poor weather.
However, the new retail catalogue, which was completed in May, should help to
increase sales in the second half.
Operating costs were a little higher than expected mainly due to seasonal
expenditure on marketing and IT revenue expenditure, both of which are expected
to reduce in the second half.
Profit before tax, at #351,000, compares favourably with profits of #451,000 for
the whole of 2003. Earnings per share were 3.7p.
Cash flow and capital expenditure
The company generated #656,000 before capital expenditure helped by a much
improved management of working capital. Capital expenditure of #177,000 was
mainly spent on tooling for new products and IT improvements.
Dividend
The Board has declared an interim dividend of 0.8p per share which will absorb
#55,000. This is in line with the intention to pay a dividend at the interim
stage as stated in the Prospectus at the time of flotation.
Outlook
The market place continues to be buoyant and the new materials handling division
is pursuing some exciting opportunities. Overall, the Board expects further
progress in the second half of the year.
James H Newman
Chairman
Operating Review
Sales activity
We began 2004 with a large contract award to supply more than #1m worth of
kerbside containers and wheeled refuse containers to Northampton residents. This
was shortly followed by our largest ever contract win, worth #1.8m, from Bexley
Council for similar products, but also including our tracking hardware and
associated software. A number of other large kerbside container and wheeled bin
contracts have kept the entire team fully occupied over the last few months.
Home composters and accessories were successfully delivered in bulk to WRAP, the
government-funded recycling co-ordinator, and many councils have opted for our
new home composter designs coupled with bright and effective promotional
materials. The retail business now boasts a catalogue of more than 120 products
and the various versions, cross-branded with water company livery, are
generating positive responses.
Products
An increasing number of customers are benefiting from the RFID tagging facility
offered with most of our product range. This enables customers to accurately
track presentation rates of recycling containers and also identify which waste
is being recycled.
The new 44 litre kerbside box and compost bins arrived early in 2004, as well as
the HexBin recycling container, and further plans have been laid for more new
products that will be delivered later in the year. In the coming weeks, a base
plate that fits all of our composters will be introduced, allowing profitable
additional sales to all retail customers.
Materials Handling
We have formed an exclusive alliance with the Rehrig Pacific Company, the
world's largest producer of food transit containers, to offer their innovative
range in the UK and Europe. Initial interest has exceeded expectations and
discussions are ongoing with a number of logistics contractors and major
retailers.
People
Such expansion has required a number of new faces to join the team and I am
fortunate in having an outstanding group of very committed individuals working
with me. New appointments have been made in the projects team and in the new
supply chain department which is now co-ordinating all operational activity.
Further appointments will be made in the second half in order to strengthen
other areas of the business.
Jonathan Straight
Chief Executive
Summarised Profit and Loss Account
For the 6 months ended 30 June 2004
6 months ended Year ended
30 June 31 December
2004 2003
Notes (unaudited) (audited)
#'000 #'000
Turnover 7,404 10,180
Cost of sales (6,361) (8,947)
_____ _____
Gross profit 1,043 1,233
Operating expenses (721) (798)
_____ _____
Operating profit 322 435
Interest receivable 29 16
_____ _____
Profit on ordinary activities before taxation 351 451
Taxation 3 (97) (113)
_____ _____
Profit for the financial year 254 338
Dividends 7 (55) -
_____ _____
Profit retained and transferred to reserves 199 338
_____ _____
Basic earnings per share (p) 4 3.7 23.6
Diluted earnings per share (p) 5 3.6 23.5
Adjusted earnings per share 6 3.7 4.9
Summarised Balance Sheet
At 30 June 2004
30 June 31 December
2004 2003
(unaudited) (audited)
#'000 #'000
Fixed assets
Tangible fixed assets 421 290
Investments - -
_____ _____
421 290
Current assets
Stocks 178 199
Debtors 3,308 3,303
Cash at bank and in hand 2,237 1,758
_____ _____
5,723 5,260
Creditors: amounts falling due within one year (3,660) (3,267)
_____ _____
Net current assets 2,063 1,993
Total assets less current liabilities 2,484 2,283
Provisions for liabilities and charges (16) (14)
_____ _____
Net assets 2,468 2,269
_____ _____
Capital and reserves
Called up share capital 69 69
Share premium account 1,175 1,175
Profit and loss account 1,224 1,025
_____ _____
Equity shareholders' funds 2,468 2,269
_____ _____
Summarised Cash Flow Statement
For the 6 months ended 30 June 2004
6 months ended Year ended
30 June 31 December
2004 2003
(unaudited) (audited)
#'000 #'000
Net cash inflow from operating activities 627 203
Returns on investments and servicing of finance
Interest received 29 16
_____ _____
Net cash inflow from returns on investments and servicing of 29 16
finance
Taxation - (61)
Capital expenditure
Purchase of tangible fixed assets (177) (267)
_____ _____
Net cash outflow from capital expenditure (177) (267)
Net cash outflow before financing 479 (109)
Financing
Issue of share capital - 1,524
Costs of share issue - (289)
_____ _____
Net cash inflow from financing - 1,235
_____ _____
Increase in cash 479 1,126
_____ _____
Reconciliation of operating profit to net cash inflow from operating activities
Operating profit 322 435
Depreciation 46 37
Decrease /(increase) in stocks 21 (4)
(Increase) in debtors (5) (1,835)
Increase in creditors 243 1,570
______ ______
627 203
______ ______
Notes
1. The figures for the year to 31 December 2003 have been extracted from
the audited financial statements of Straight plc. The accounts for the year
ended 31 December 2003 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 2003. 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 27% for
the year as a whole (2003: 23%).
4. Basic earnings per share is calculated on the basis of the profit for
the period after tax, divided by the weighted average of ordinary shares in
issue in the period of 6,903,750.
The comparative is calculated by reference to the weighted average
number of shares in issue during 2003 of 1,431,733.
5. 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
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
91,181 (2003: 3,758).
6. Adjusted earnings per share is calculated as if all 6,903,750 shares
in issue at 30 June 2004 had been in issue for the whole of 2003 and 2004 to
date.
7. An interim dividend of 0.8p per share (2003: nil) has been recommended
and is payable on 10 December 2004 to members on the register at 12 November
2004.
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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