Straight returns to profit

RECYCLING group Straight announced a return to profit this morning, saying it is now in a “good place” to build on its achievements to date.

For the six months to June 30, the Leeds-based maker of kerbside recycling containers saw group EBITDA increase by 30% to £1.12m while pre-tax profits rose to £0.34m from a loss of £0.24m in the first half of last year.

Straight’s gross margin increased to 26.9% while the group reported underlying earnings per share of 2.7p, up from 1.8p.

Chairman James Newman said: “The group completed the first half of 2013 with a strong order book which has given a solid start to the second half. With finance in place for three years, a significantly reduced manufacturing cost base and a number of new products coming to market, the group is in a good place to build on its achievements to date.”

Chief executive Jonathan Straight added: “It is a pleasure to report this positive set of results and the group’s return to profitability. Now that the vertical integration and associated reorganisation of our group is complete, our focus returns to profitably growing revenues in all of our diverse markets.”