Straight plc - Investors

Major Interest in Shares

Admin — 2009-10-27T11:46:00Z

Straight plc (AIM: STT), the Environmental Products and Services Group, received notification on 26 October 2009 from Calculus Capital Limited ("Calculus") that, following a recent distribution in specie to EIS investors, there had been a change in the number of ordinary shares held and percentage voting rights in the Company.

Calculus previously held 441,250 ordinary shares in the Company, and following the transaction on 29 September 2009, now holds 281,250 ordinary shares, representing 2.45% of the voting issued share capital. These shares are held by Calculus Capital on behalf of investors in its EIS funds.

Major Interest in Shares

Admin — 2009-10-16T16:17:23Z

Straight plc (AIM: STT), the Environmental Products and Services Group, received notification on 14 October 2009 from Royal London Asset Management Limited of a change in the number of ordinary shares and percentage voting rights in the Company held in the registered name HSBC Global Custody Nominees (UK) Ltd ("HSBC").

"HSBC" previously held 365,000 Ordinary shares in the Company, and following the transaction on 13 October 2009, now hold 315,000 ordinary shares representing 2.74% of the voting issued share capital.

Major Interest in Shares

Admin — 2009-10-09T17:35:05Z

Straight plc (AIM: STT), the Environmental Products and Services Group, received notification on 1 October 2009 from Royal London Asset Management Limited of a change in the number of ordinary shares and percentage voting rights in the Company held in the registered name HSBC Global Custody Nominees (UK) Ltd ("HSBC"). The change is the result of an acquisition of shares.

"HSBC" previously held 340,000 Ordinary shares in the Company, and following the transaction on 30 September 2009, now hold 365,000 ordinary shares representing 3.17% of the voting issued share capital.

Interim Report 2009

Admin — 2009-09-29T07:15:00Z

Interim Report

I am delighted to report a much improved trading performance for the first half of 2009. This improvement follows on from the strategic review carried out last year and a record order book at the start of the year.

Revenue for the period was £17.2m (H1 2008: £13.5m) an increase of 27% and an excellent performance in difficult economic conditions.

Download Interim Report 2009 - (3.6mb)

Interim Results for the six months ended 30 June 2009

Admin — 2009-09-29T07:00:00Z

Straight plc (AIM:STT.L), the Environmental Products and Services Group and the UK's leading supplier of recycling containers, is pleased to announce its interim results for the six months ended 30 June 2009.

Highlights:

Revenue increased by 27% to £17.2m (H1 2008: £13.5m)
Headline operating profits substantially increased to £0.9m (H1 2008: £0.1m)
Adjusted earnings per share increased to 6.1p (H1 2008: 0.9p)
Cash balances increased to £2.3m (31 December 2008: £1.6m)
Interim dividend increased 30% to 1.3p per share (H1 2008: 1.0p)

Commenting on the results, James Newman, Chairman of Straight said: "These results represent an excellent performance in difficult economic conditions. The Group's Trade Business remains strong and is now better placed to withstand changes our markets might face. In addition, the Group's Retail Business continues to trade in line with the Board's expectations and is expected to grow profitably in 2010."

"To date, the second half of the year has continued in line with the Board's forecast and, as a consequence, the Group anticipates that its full year performance will be in line with market expectations."

Chief Executive, Jonathan Straight added: "This excellent first half provides a solid foundation for the remainder of the year. The Group is working to maximise opportunities in its core markets and is continuing to broaden its product base which will allow it to leverage its unique business model in new markets."

Notice of Results

Admin — 2009-09-07T09:00:00Z

Straight plc (AIM: STT), the Environmental Products and Services Group, will be announcing its Interim Results for the six months ended 30 June 2009 on Tuesday 29 September 2009.

A presentation for analysts will be held at 0930hrs on the day at the offices of Redleaf Communications, 11 - 33 St John Street, London EC1M 4AA. Please register to attend by contacting Redleaf Communications on 020 7566 6700 or email straight@redleafpr.com

Trading Update

Admin — 2009-07-29T07:07:19Z

Straight plc (AIM: STT), the Environmental Products and Services Group, is today providing an update on trading for the six months ended 30 June 2009, ahead of its interim results announcement due on 29 September 2009.

The Board is pleased to announce that following the strategic review conducted last year the Group has now delivered nine months of solid financial performance.

The Group's Trade Business has continued to grow, with sales for the six months to 30 June 2009 exceeding £16m, an increase of more than one third over the same period in 2008. This increase is a direct consequence of the Board's investment in new products throughout 2008 in order to capitalise on the Group's leading market share in the supply of food waste containers. In addition, as part of its strategy to reduce its reliance on the UK municipal sector, the Group has secured high levels of business with new corporate customers both in the UK and in overseas markets.

The performance of the Group's Retail Business has improved greatly as a result of its focus on proprietary products and strategically important clients. Whilst sales have fallen to £0.7m for the period, this business has returned to profit if depreciation is excluded. It is poised to make a greater contribution in 2010 when it will re-enter the English home composting market, following WRAP's decision to pull out by October 2009.

The Group continues to be cash generative, with balances increasing by £0.7m to £2.3m during the period to 30 June. This has been achieved despite the acquisition of Harcostar, announced at the end of January, which cost £0.4m.

As a consequence, the Board expects to announce first half results for 2009 ahead of its initial expectations.

Contract To Supply Kitchen Caddies In Hertfordshire

Admin — 2009-06-10T07:00:00Z

Straight plc (AIM: STT), the environmental products and services group, is pleased to announce it has been awarded a contract to provide kitchen caddy food waste containers to over 150,000 households in Hertfordshire for approximately £150,000.

The five and seven litre kitchen caddies, which are manufactured for Straight in Hull, encourage householders to separate food waste in their kitchens for collection at the kerbside and subsequent composting.

Commenting on the news, Jonathan Straight, Chief Executive of Straight plc, said:"Although modest in value, this contract covers approximately a third of households in Hertfordshire and will help reduce food waste sent to landfill.

"This contract also highlights the desire amongst local authorities to encourage householders to play an active role in separating food waste at the kerbside, which is now seen by WRAP, the government funded Waste & Resources Action Programme, as a preferred approach to recycling household waste."

Straight plc will be exhibiting at Futuresource, Europe's sustainability event at ExCeL London between 9 - 11 June 2009.

Result of AGM

Admin — 2009-06-01T12:36:27Z

Straight Plc (AIM: STT), the recycling products and services group, is pleased to announce that at the Group's Annual General Meeting held at 12 noon today, all resolutions were duly passed.

AGM Statement

Admin — 2009-06-01T07:00:00Z

Straight Plc (AIM: STT) the recycling products and services group, will be holding its Annual General Meeting today at 12 noon. In his address to shareholders, James Newman, Chairman, will update shareholders as follows:

"The Board is pleased to announce that the Group's strong trading performance in the fourth quarter of 2008 has continued into the start of 2009.

"Growth of the Group's core Trade Business has been enhanced by contributions from both the Harcostar acquisition, which was announced in January, and progress in corporate and overseas markets.

"Additionally, the performance of the Group's Retail Business is much improved at the start of this year and is currently in line with management expectations.

"As a result of this encouraging start to the year, the Board is confident of meeting half year expectations."

The Company will provide a further update on trading for the first half of the year ahead of entering its close period at the end of July 2009.

Completion of Contract

Admin — 2009-05-11T12:33:31Z

Straight plc (AIM: STT), the recycling products and services group, is pleased to announce it has completed the delivery of a contract with Oldham Metropolitan Borough Council worth £400,000. The agreement, to supply 7 litre kitchen caddies and 23 litre kerbside caddies for food waste collection from 80,000 homes, was delivered in four phases. 60,000 homes have already received their containers and the remaining 20,000 homes are due to receive theirs from the Council over the next few weeks.

The caddies, which are manufactured for Straight in Hull, are used to collect food waste from homes which is then processed at specialist local facilities rather than entering landfill.

Revenue for the contract will be recognised in the Group's financial year to 31 December 2009.

Commenting on the news, Jonathan Straight, Chief Executive of Straight plc, said: "We are delighted to have completed delivery of this contract with Oldham Metropolitan Borough Council. The demand for our food waste containers remains strong and it is extremely pleasing that the move to divert food waste from landfill continues to be high on local authorities' agendas."

Annual Report and Accounts

Admin — 2009-05-08T12:52:29Z

Straight Plc (AIM: STT), the recycling products and services group, announces that it has posted to shareholders the Annual Report and Accounts for the year ended 31 December 2008 together with the Notice of the Annual General Meeting.

The Annual General Meeting will be held at 12 noon on Monday, 1 June 2009 at the Group's offices at No 1 Whitehall Riverside, Leeds, LS1 4BN.

Annual Report and Review 2008

Admin — 2009-05-08T10:23:57Z

Annual Report

I am pleased to report that the Group has strengthened its position during 2008 and has performed particularly well over the past six months. Following a strategic review and subsequent restructuring of the business in the fourth quarter, the Group is now in excellent shape and is rising to the opportunities and challenges presented by the current economic climate.

Download Annual Report and Review 2008 - (519kb)

Surrender and Grant of Options

Admin — 2009-05-07T15:25:55Z

Straight Plc (AIM: STT) the recycling products and services group announces that the following options over Ordinary Shares of 1p each were on 6 May 2009 surrendered and re-granted to Directors under the Approved & Unapproved Share Option Schemes:

Table 1: Unapproved Share Option Schemes
Name	Surrendered 6 May 2009	Granted 6 May 2009	Total Nowheld	Exercise Price 80p	Exercise Price 124.5p	Exercise Price 94p	Exercise Price 60p
Colin Glass	25,000	25,000	56,250	31,250	-	-	25,000
James Mellor	22,392	64,223	70,277	-	-	6,054	64,223
James Newman	27,000	27,000	58,250	31,250	-	-	27,000
Jonathan Straight	90,000	90,000	215,000	125,000	-	-	90,000
Mark Halford	53,766	-	-	-	-	-	-

Table 2: Approved Share Option Schemes
Name	Surrendered 6 May 2009	Granted 6 May 2009	Total Nowheld	Exercise Price 80p	Exercise Price 124.5p	Exercise Price 94p	Exercise Price 60p
James Mellor	30,608	-	33,442	-	24,496	8,946	-
Mark Halford	39,234	93,000	93,000	-	-	-	93,000

All of the options re-granted on 6 May will be exercisable between three and ten years from the date of grant at a price of 60p per share, being the closing mid-market price on 5 May 2009.

The options surrendered had a weighted average exercise price of 174p and consequently were not fulfilling their original retention and incentivising purpose.

All the directors' options granted at the Company's flotation in November 2003 with an exercise price of 80p and the options granted to James Mellor in May 2004 with an exercise price of 124.5p and in May 2008 with an exercise price of 94p were excluded from this process and consequently were not surrendered and re-granted.

In addition to the options above, a further 242,533 options with a weighted average exercise price of 195p were surrendered by employees who were not directors and re-granted with an exercise price of 60p.

All options re-granted can only be exercised if the growth in the Group's underlying earnings per share over the period from re-grant to exercise exceeds the retail prices index for the same period by more than 3%.

Preliminary Results for the year ended 31 December 2008

Admin — 2009-03-26T08:57:56Z

Straight plc (AIM: STT), the recycling products and services group, is pleased to announce its Preliminary Results for the year ended 31 December 2008.

Key Points

Revenue increased by 8% to £25.4m (2007: £23.6m)
Core Trade Business revenue up 20% to £23.1m (2007: £19.3m)
Headline Operating profit reduced from £1.0m to £0.4m
Headline Core Trade Business Operating Profit increased by 27% to £2.2m (2007: £1.7m)
Loss making Retail Business rationalised and restructured
Strong cash position at year end of £1.6m (2007: £1.6m)
Record order book supported by sustained capital investment in the year
Final dividend maintained at 2.0p, resulting in full year dividend of 3.0p (2007: 3.25p)

Commenting on the results, James Newman, Chairman of Straight plc, said: "The Board is encouraged by its record order book. This, combined with the cost reductions achieved as a result of the strategic review, has put the business in excellent shape to capitalise on its unique market position".

Jonathan Straight, Chief Executive of Straight plc, added: "As a result of the actions we have taken the business which has emerged from 2008 is reinvigorated and is both profitable and cash generative. The Board is confident that 2009 will prove to be a successful year".

The preliminary announcement was approved by the Board on 26 March 2009.

Notice of Results

Admin — 2009-03-18T08:54:10Z

Straight plc (AIM: STT), the recycling products and services group, will be announcing its Preliminary Results for the year ended 31 December 2008 on Thursday 26 March 2009.

Response to end of WRAP home compost programme in England

Admin — 2009-02-17T08:40:50Z

In response to news that WRAP, the government funded Waste & Resources Action Programme, is terminating early its scheme to supply home compost bins to local Council's in England, Jonathan Straight CEO of Straight plc (AIM: STT), the recycling products and services group made the following statement:

"During the last five years, WRAP has helped double the UK market for compost bins through its home composting programme with local councils. However, during 2008, WRAP experienced a dramatic drop off in sales as reduced government funding required it to increase its prices. As a result, it has announced that the scheme will cease from the end of September 2009 rather than March 2011, as was originally intended.

"Whist this news was expected in 2011, we believe that now is the right point in time for WRAP to stop supplying compost bins to councils and as such we welcome this news. We are also confident that the market, and in particular Straight plc, will be able to fill the space left by WRAP and supply local councils more competitively.

"We have supplied more than half of the compost bins used in the WRAP campaign since it started and our home delivery programme, on which the initial WRAP campaign was modelled, does mean that we are well placed to immediately offer Councils in England a virtually identical programme to WRAP.

"Prior to WRAP's formation in 2003, Straight and its subsidiary Blackwall ran successful campaigns with almost every council in the UK which were gradually taken over by WRAP using products and support services provided by Straight.

"This development further validates the decision taken at the time of the Board's recent strategic review to retain a rationalised retail capacity within the Group. We have in place the capability to meet the demand arising from WRAP's former customers without the need for further expense and are confident that this development will provide a substantial opportunity for the Group going forward."

Acquisition of Harcostar Garden Products

Admin — 2009-01-28T07:00:00Z

Straight plc (AIM: STT), the recycling products and services group, announces the acquisition of all the assets and trade of Harcostar Garden Products from Harcostar Drums Limited for a consideration of £400,000 in cash. The consideration is to be paid in two instalments: £250,000 to be paid immediately and £150,000 on 1 April 2009.

Harcostar Garden Products is a long established premium brand providing water butts, compost bins, watering cans and accessories to the trade sector in the UK and Europe.

For the year ended 31 December 2008, Harcostar Garden Products reported turnover of £1.04m with gross profit of £0.38m.

The Group believes that the acquisition will be earnings enhancing for the financial year ended 31 December 2009. It also believes that the acquisition will offer considerable scope to expand and develop the Harcostar range, cross-sell its existing products and enable it to benefit from Harcostar's well established relationships and distribution channels in the UK and Europe.

Commenting on the acquisition, Jonathan Straight, Chief Executive of Straight plc said: "This acquisition provides us with the addition of a premium brand to our portfolio which will compliment our existing product range. We also believe it will allow us to benefit from Harcostar's excellent relationships in the UK and Europe."

Trading Statement

Admin — 2009-01-22T07:00:00Z

Straight plc (AIM: STT), the recycling products and services group, is today providing an update on trading for the year ended 31 December 2008 and prospects for 2009, ahead of its preliminary results announcement on 26 March 2009.

Turnover for the year ended 31 December 2008 was in the region of £25m (2007: £23.6m), an increase of approximately 6%.

The Group's core Trade Business has continued to perform well with sales for the six months to 31 December 2008 over 30% higher than the same period in 2007 at approximately £11m. Of particular note are sales of the Group's new food waste container range, which has experienced strong demand from local authorities across the UK and continues to exceed expectations. In its Waste Strategy 2007, the Government identified separate food waste collections as an area of potential growth.

As previously reported, the Group's Retail Business has not performed well this year and sales for the six months to 31 December were £0.9m, a 31% reduction on the same period in 2007. This part of the business continued to make a loss during the second half of the year but, following the strategic review of this part of the business announced in the Group's Interim Results in September, it has been rationalised and unprofitable activities have been discontinued. For the remaining activities, a new distribution mechanism has been put in place which, in the three months since its implementation, has reduced unit delivery costs by up to 75%. As a result, the Board believes this division is now well placed to handle sales at the levels anticipated for 2009.

During the period, the Group has continued to develop its overseas sales channels and now produces and sells water butts in Australia. It has also experienced strong initial sales in North America through its local distributor. These activities have been buoyed by the weakness of Sterling against the US Dollar.

As part the strategic review of all of the Group's activities undertaken by the Board in the fourth quarter, there has been a considerable reduction in the Group's fixed overhead. Consequently, operating gearing and employee and inventory holding costs will be much lower going forward. As a result of this review, the Group has incurred one-off redundancy and stock write-down costs of approximately £0.4m, but the capacity of the business to meet the requirements of its customers has not been affected by these changes.

The Board continues to manage its working capital efficiently and can report cash balances of £1.6m at 31 December 2008 (31 December 2007: £1.6m). This is in spite of record expenditure on new tooling and product development in the year, which benefited trading in the second half and has laid the foundations for robust sales in 2009. The value of the Group's order book at the end of 2008 was strong, with over 40% of the 2009 budget for its Trade Business already booked.

Director Dealings

Admin — 2008-12-22T11:35:44Z

Straight plc, the recycling products and services group, today announces the purchase of 10,000 ordinary shares of 1p each by Colin Glass, a Non-executive Director of the Company. The average price paid for each share was 18.8 pence. Following his purchase, Colin now owns 72,500 shares in the Company, representing 0.63 per cent. of the issued share capital of the Company.

In addition to the shares purchased by Colin, Melvyn Winburn, a partner at Winburn Glass Norfolk, Chartered Accountants, of which Colin is also a partner, purchased 10,000 ordinary shares of 1p each. Melvyn paid 18.8p per share.

Interim Report 2008

Admin — 2008-09-23T07:15:00Z

Interim Report

The Group's performance for the first half of 2008 has been one of contrasting fortunes. Whilst the core Trade Business has continued to go from strength to strength, the direct to consumer Retail Business has been undermined by difficult trading conditions, as previously highlighted in the trading update on 23 July 2008.

Download Interim Report 2008 - (144Kb)

Interim results for the six months ended 30 June 2008

Admin — 2008-09-23T07:00:00Z

Straight plc (AIM:STT.L), Europe's leading supplier of recycling containers, is pleased to announce its interim results for the six months ended 30 June 2008.

Highlights:

Trade sales increased by 11% to £12.1m (2007: £10.9m)
Turnover for the period remained stable at £13.5m (2007: £13.9m)
Record trade order book of over £9.0m
Review of Retail Business complete
- Business model streamlined
- Costs controlled
Accelerated programme of new product development
Strong cash position

Commenting on the results, James Newman, Chairman of Straight said:"The rationalisation of the Retail Business will reduce its losses for the remainder of the year. We expect this, combined with our strong trade order book to produce an improved performance in the second half of 2008."

Chief Executive, Jonathan Straight added: "We continue to develop innovative new products in order to maintain our market-leading positions.

The core Trade Business in environmental container solutions is in excellent shape and a small, lean and focused Retail Business will make a positive contribution from 2009."

Trading Update

Admin — 2008-07-23T07:37:48Z

Straight plc (AIM: STT), the recycling products and services group, is today providing an update on trading for the six months ended 30 June 2008, ahead of announcing interim results on 23 September 2008.

The Group's core trade business has continued to perform well with sales for the six months to 30 June 2008 approximately 11% ahead of the same period last year at £12.1 million. Sales of new product lines, such as the kitchen organics range and the Steelybin®, have been higher than initial expectations.

In addition, the Group has begun developing its overseas sales channels with the production of water butts and composters starting in Australia this month and the Group's first sales made in North America through a newly appointed distributor.

The Group's retail business continues to trade at levels significantly below management expectations due, in part, to the wet weather conditions as well as the general downturn in consumer demand. Sales in the first half were £1.4 million, down 46% on the same period last year.

Consequently, the Board is undertaking a strategic review of its overall retail activity, with a view to eliminating the losses accumulated in the first half of the year. This review will include a rationalisation of the retail product range, a reduction in overheads and a full review of the retail pricing model. The Board expects to have completed this review in the next two months and will announce further details at the time of the interim results.

The Board continues to manage its working capital efficiently and can report a cash balance of £2.8 million at 30 June 2008 (31 December 2007: £1.6 million). This is despite record expenditure on new tooling and product development of more than £650,000 in the first half of the year, which will benefit trading in the second half and in subsequent years. Additionally, the Group's order book for the remainder of the financial year is strong at over £5 million.

Despite the continued strength of the trade business, but as a result of the losses incurred in the retail business, profits for the first half of the year will be below expectations. The Board also believes that, unless there is a significant improvement in retail trading conditions over the next quarter, the Group's full year performance is also likely to be well below market expectations.

Directorate Change

Admin — 2008-06-30T17:07:05Z

Straight Plc (AIM: STT) the recycling products and services group, announces that Roger Green has formally resigned from the Board. This follows the Company's declaration in its Preliminary Statement of 9 April to this effect.

Colin Glass, currently Non-Executive Director becomes Chairman of the Audit Committee with immediate effect.

Posting of Annual Report

Admin — 2008-06-11T15:02:49Z

Straight Plc (AIM: STT) the recycling products and services group, announces that its Annual Report and Accounts for the year ended 31 December 2007 has been distributed to shareholders and copies are available from the Company's website here.

Result of AGM

Admin — 2008-05-22T12:38:03Z

Straight Plc (AIM: STT), the recycling products and services group, is pleased to announce that at the Group's Annual General Meeting held at 12 noon today, all resolutions were duly passed.

AGM Statement

Admin — 2008-05-22T07:36:24Z

Straight Plc (AIM: STT) the recycling products and services group, will be holding its Annual General Meeting this morning at 11.00am. In his address to shareholders, James Newman, Chairman, will update shareholders as follows:

"After the disappointment of 2007, we are hopeful that 2008 will see an improvement in the financial performance of the business. We are able to report that, at this stage in the year, the Company's core trade business is performing in line with expectations. This has been driven by new products introduced in response to the Government's Waste Strategy, as well as continuing strong sales from our existing product lines. However, due to the late onset of Spring, the Company's retail business has experienced a slow start to the year."

"Following the strengthening of management processes, forward visibility has been improved and the trade order book is now stronger than at any time in the past. Lower than expected sales in the retail side of the business will result in first half profits being lower than in the equivalent period last year but, overall, it is currently anticipated that full year expectations will still be met."

The Company will provide a further update on trading for the first half of the year ahead of entering its close period at the end of July.

Grant of Options

Admin — 2008-05-21T10:33:12Z

Straight Plc (AIM: STT) the recycling products and services group announces that the following options over Ordinary Shares of 1p each were yesterday granted to Directors under the Approved & Unapproved Share Option Schemes:

td class="alt">6,054

Table 1: Unapproved Share Option Schemes
Name	Issued Yesterday	Total Nowheld
Colin Glass	5,000	56,250
James Mellor	28,446
James Newman	5,000	58,250
Jonathan Straight	15,000	215,000
Roger Green	-	20,000
Mark Halford	25,000	53,766

Table 2: Approved Share Option Schemes
Name	Issued Yesterday	Total Nowheld
James Mellor	8,946	64,050
Mark Halford	-	39,234

All of the options issued yesterday will be exercisable between three and ten years from the date of grant at a price of 94p per share, being the closing mid-market price on 19 May 2008.

Annual Report and Review 2007

Admin — 2008-04-29T09:32:56Z

Annual Report

As outlined in our Trading Statement at the end of January, 2007 has not been a good year for the Group and I have to report that our trading performance is substantially below that of 2006 with a number of issues contributing to this disappointing result. However, the Board believes that this result was only a temporary downturn in profitability and 2008 should see the trading performance improve towards pre 2007 levels.

Download Annual Report and Review 2007 - (1.11mb)

Preliminary Results for the year ended 31 December 2007

Admin — 2008-04-09T11:27:55Z

Straight plc (AIM: STT), the recycling products and services group, is pleased to announce its Preliminary Results for the year ended 31 December 2007.

Key Points

Total revenue of £23.6m (2006: £27.8m)
Increase in core trade revenues to £19.2m (2006: £18.7m)
Increase in gross margin from 19.3% to 20.8%
New contracts won increasing a record order book
Direct to consumer business re-modeled on a variable basis
Cash balances at year end of £1.6m
Final dividend of 2.0p (2006: 2.7p) proposed - Full dividend for the year of 3.25p (2006: 3.9p)

Commenting on the results, James Newman, Chairman of Straight plc, said: "The Board strongly believes that the Group has put the problems of 2007 behind it and is confident that 2008 will deliver an improved trading performance."

Jonathan Straight, Chief Executive of Straight plc, added: "Overall we are in good shape and my team and I are optimistic about the future."

The preliminary announcement was approved by the Board on 9 April 2008.

Straight plc Wins Welsh Tenders

Admin — 2008-04-02T11:20:07Z

Straight plc (AIM: STT), the recycling products and services group, is pleased to announce it has won tenders to supply seven local authorities in Wales with food and kitchen waste collection equipment worth approximately £1.42m.

The equipment consists of five different designs of waste collection container aimed at meeting each local authority's exact requirements. The containers include Straight's Kerbside Caddy which has been purposely designed for food waste collection and is manufactured in the UK from recycled plastic.

The tender wins follow the Welsh Assembly's announcement in October 2007, that it is providing £14m in grants to local authorities to boost recycling across Wales over the next two years.

Commenting on the news, Jonathan Straight, Chief Executive of Straight plc, said: "The award of these tenders demonstrates our ability to help local authorities implement their recycling and composting plans and highlights the variety, quality and innovative designs of our products."

The seven local authorities are Rhondda Cynon Taf County Borough Council, Merthyr Tydfil County Borough Council, Carmarthenshire County Council, Swansea County Council, Gwynedd Council, Powys County Council and Monmouthshire County Council.

Trading Update

Admin — 2008-01-29T11:50:52Z

Following its trading announcement on 21 December 2007, Straight plc (AIM: STT), the recycling products and services group, is today providing an update on its 2007 trading performance and prospects for 2008, ahead of its full year results announcement, which is scheduled for 9 April 2008.

Turnover for the year ended 31 December 2007 was £23.6 million (2006: £27.8 million), a reduction of 15%. This fall was a result of reduced retail sales, which were down 44% from the exceptionally high levels of 2006 and was mainly due to the extreme wet weather conditions experienced in the middle of the year, which affected sales of water butts and other gardening products.

The Group's trade business of waste and recycling containers remained strong, with sales for the year increasing 2.6% to £19.2 million (2006: £18.7 million). This was despite the delay of some sales until 2008 and the absence of materials handling sales following the dissolution of the agreement with Rehrig Pacific in 2006.

At the beginning of 2007, the Group decided to outsource the majority of its distribution activities in order to ensure that periods of peak demand did not result in poor customer service and the resulting additional costs. However, in light of the lower retail sales experienced during 2007, the outsourcing model deployed, with fixed costs set at levels based on planned volumes, proved in hindsight to be a mistake and the distribution contract has been terminated by mutual consent.

Retail distribution has now been outsourced to a fulfilment house specialising in direct-to-consumer deliveries with a cost model that is almost entirely variable. As a result of this change, the costs associated with retail distribution should be substantially reduced going forward and overall delivered margins improved. This approach will also be able to accommodate any expected peaks or increases in demand.

The Group has also recently relocated its entire staff to one office in the centre of Leeds. This means that, for the first time since the acquisition of Blackwall in 2005, all Group personnel will be based at the same site. The Board believes that this will improve working practices and the quality and efficiency of customer service. Staff numbers have also recently been reduced by one quarter as a result of the complete outsourcing of the Group's call centre activities and the closure of the Group's warehouses.

The Group acknowledges that 2007 has been a poor trading year. Headline EBITDA, before reorganisation costs, is therefore likely to be substantially lower than 2006 at approximately £1.5 million (2006: £2.3 million). Reorganisation costs will be in the region of £0.45 million and the taxation charge will benefit from a cash refund from an overcharge in 2006. Headline earnings per share, before reorganisation and exceptional costs, are expected to be no less than 8.5p.

Despite the reduced profitability for the year, the Board still intends to pay a final dividend for the year in line with the latest market expectations. The Group remains cash generative with year end cash balances at just over £1.6 million, after capital expenditure on new tools and systems of over £0.65 million. Stock levels remain high at £1.7 million (2006: £1.2 million), as production of key products has continued throughout the second half of the year for sales delayed until the first half of 2008.

Prospects for 2008 remain good with a strong order book and a number of new customers. 2008 should also benefit from a full year's sales of the new products developed in the second half of 2007. These include Steelybin®, an 1100 litre metal waste and recycling container, aimed at the trade and municipal markets and the new 22 litre Kerbside Caddy for separate food waste collections. Both these products have been well received in the market.

The Group has developed a new consumer facing brand for the traditional retail trade. Under the BeGreen™ banner, orders for recycling and environmentally positive goods have been taken for delivery in 2008 from leading high street retailers, who are now becoming more interested in this sector.

The Board strongly believes that the Group has put the problems of 2007 behind it and is confident that 2008 will deliver an improved trading performance for the Group.

Trading Update

Admin — 2007-12-21T11:49:53Z

The Board of Straight plc (AIM: STT.L), Europe's leading supplier of recycling containers, announces that its profits for the year ended 31 December 2007 are likely to be materially below current market expectations.

Straight's core trade business has remained robust and has shown growth throughout the year. However, customer requirements for the timing of the implementation of a number of large contracts means that some business forecast to fall in the current financial year will now be delivered in 2008. In addition, challenging trading conditions in the Group's retail and gardening markets, due to exceptionally wet weather earlier in the year, have continued into the second half.

Despite higher than anticipated stock levels as a result of these factors, the Group continues to be cash generative and has invested a record amount in capital and development costs for new products, some of which are already generating business and others which will be launched in 2008.

The order book for 2008 is strong and is expected to be further boosted by major contract wins. The Board has also made a number of operational changes, which will reduce operating overheads going forward.

The Board intends to issue a detailed trading statement in January once the financial year has been completed.

Appointment of Nomad and Broker

Admin — 2007-12-18T11:48:19Z

The Directors of Straight plc (the "Company"), announce that Panmure Gordon (UK) Limited will now act as Nomad and broker to the Company, with immediate effect.

Panmure Gordon (UK) Limited replaces Panmure Gordon (Broking) Limited in this role after a group restructuring at Panmure Gordon.

Interim results announcement for the six months ended 30 June 2007

Admin — 2007-09-25T11:06:45Z

Straight plc (AIM:STT.L), Europe's leading supplier of recycling containers is pleased to announce its interim results for the six months ended 30 June 2007.

Highlights:

Robust organic sales growth - revenue up 11%
Recycling container sales at record levels
Operating profit before reorganisation costs down 18% to £1.0m
Profit before tax, after reorganisation costs, £0.8m (2006: £1.3m)
Interim dividend declared and increased by 4% to 1.25 p per share (2006: 1.2p)
Positive outlook for second half

Commenting on the results, James Newman, Chairman of Straight said: "Our trade order book is at a very healthy level with a higher margin products mix than in recent years. Consequently, the second half of the year is looking positive."

Chief Executive, Jonathan Straight added: "We now have a broad range of products helping individuals, businesses and other organisations to improve their environmental performance and to reduce their carbon footprint. Our ability to sell these products though different channels puts us in a unique position."

Interim Report 2007

Admin — 2007-09-25T09:58:07Z

Interim Report

The first half of 2007 has been a period of growth for the Group as well as a period of change. The variations to the business model by the outsourcing of distribution and some of our call centre activities have been the major challenges in the period, which has also seen good growth in a number of our markets.

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Appointment of Adviser

Admin — 2007-08-30T11:11:26Z

Straight plc, Europe's leading supplier of recycling containers, is pleased to announce that it has appointed Redleaf Communications as its financial PR adviser, with immediate effect.

Acquisition of the Assets and Trade of Gummy Bins Limited

Admin — 2007-08-13T11:44:56Z

Straight, the supplier of recycling containers and environmental container solutions is pleased to announce the acquisition of the assets and trade of Gummy Bins Limited.

Straight has been distributing Gummy Bins for 7 months and, although a small part of the business, saw this acquisition as an opportunity to drive revenues for this product. The acquisition further reinforces Straight's commitment to tackling the problem of chewing gum littering with this acquisition which will assist the business in gaining a significant share in a market which is set to grow considerably following last month's introduction of the smoking ban in England and Wales.

Chief Executive of Straight, Jonathan Straight, said "We are delighted to consolidate these new products into our portfolio. I am confident that we will be able to quickly leverage our existing relationships with both local authority and B2B customers to further strengthen our presence in this area".

Annual Report and Review 2006

Admin — 2007-03-27T10:35:33Z

Annual Report

I am delighted to report further progress for the Group in a number of areas of its business, in a year which has not been without its challenges.

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Preliminary Statement 2006

Admin — 2007-03-27T09:46:45Z

Preliminary
Statement

I am delighted to report further progress for the Group in a number of areas of its business, in a year which has not been without its challenges.

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Interim Report 2006

Admin — 2006-09-26T10:55:40Z

Interim Report

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.

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Annual Report and Review 2005

Admin — 2006-03-28T11:02:49Z

Annual Report

I am delighted to report that significant further progress has been achieved during 2005, following the acquisition of Blackwall at the beginning of the year.

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Preliminary Statement 2005

Admin — 2006-03-28T09:07:49Z

Preliminary
Statement

I am delighted to report that significant further progress has been achieved during 2005, following the acquisition of Blackwall at the beginning of the year.

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Interim Report 2005

Admin — 2005-09-30T11:30:04Z

Interim Report

I am delighted to report that significant further progress has been achieved during 2005, following the acquisition of Blackwall at the beginning of the year.

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Interim Report Press Release 2005

Admin — 2005-09-30T11:15:28Z

Press Release

The Company has made substantial progress on a number of fronts in the first six months of 2005.

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Annual Report and Review 2004

Admin — 2005-04-18T11:33:09Z

Annual Report

2004 has been another successful year for the Company, this being its first full year following admission to AIM in November 2003.

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Blackwall Acquisition Placing

Admin — 2004-12-22T11:25:42Z

Blackwall
Acquisition

Notice of Extraordinary General Meeting and proposed Placing of 3,846,154 Ordinary Shares at 130p per Ordinary Share in connection with the acquisition of Blackwall Limited

Download Blackwall Acquisition Placing 2004 - (79Kb)

Initial Placing November 2003

Admin — 2003-11-07T11:36:15Z

Initial Placing

Placing of up to 1,903,750 new Ordinary Shares at 80p per Ordinary Share and Admission to trading on the Alternative Investment Market.

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