Confident outlook for Straight
ENVIRONMENTAL products group Straight said that it is confident that performance will accelerate in the second half of the financial year as the benefits of its recent acquisitions come through.
The Leeds-based company reported that pre-tax profits have dropped to £847,000 over the six months to June 30 compared to £951,000 over the same period the previous year.
Straight’s underlying operating profit over the period increased from £950,000 to £990,000 and gross margin increased from 18.3% to 24.8%.
Adjusted earnings per share increased from 6.1p to 6.5p and dividend increased from 1.3p to 1.35p.
Straight also reported a growth of 7% in overseas sales.
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The company said that it has benefited from its £1.65m acquisition of Helesi in March, and injection moulding partner Dyro Holdings in August for £2.9m.
Chairman James Newman said: “The group continues to maintain a healthy order book and with the benefit of recent acquisitions, the board is confident that performance in the second half of 2010 will exceed expectations.”
Chief executive Jonathan Straight added: “We are continuing to perform in line with our stated strategy. The completion of two significant acquisitions has laid strong foundations for future growth and excellent progress continues to be made on all fronts.”
