The company announced a turnover of 7.4 million for the first six months of 2004; this comes on the back of 10.2 million for the whole of 2003. The company also recorded pre-tax profits of 351,000 in the first half of 2004, in comparison to 451,000 for the whole of 2003. The company has said that the market for Containers is particularly buoyant at the moment with several local authorities offering big contracts.
Straight was floated on the Alternative Investment Market (AIM) in November of last year and the company feels its results fully justify the decision. Jonathan Straight, chief executive said: “We made promises to the city based on what we thought we were going to do, we have delivered on those targets.”
Straight believe the results have been helped by “substantial” increases in sales of its higher-volume items including its range of kerbside containers and its new range of wheeled refuse containers, which formed a significant part of the company's sales.
During the first six months of 2004 several new contracts were won by straight, these include Bexley council who are paying 1.8 million for the supply of kerbside containers, wheeled refuse containers and tracking hardware. Tracking hardware allows customers to accurately follow rates of recycling containers, as well as identifying which waste is being recycled.
James Newman, company chairman, said: “The marketplace 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.”
Following the release of the results, Straight's share price rose 3.6% to 144p; this follows a steady increase over the last few days through anticipation of the results.
Straight also announced this week that it has contributed 20,000 towards the Green Fingers Appeal, a charity dedicated to the creation and improvement of gardens at children's hospices. Straight pledged to donate 25p for every compost bin and water butt sold until they reached the target of 20,000.
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