The firm, which announced a refinancing agreement last month in order to fund investment in product development and to fund future growth, had been seeking to reduce its net debt, which sat at 3.2 million up to June 2012 (see letsrecycle.com story).
But contracts won over the last six months including a 1.07 million deal to supply recycling boxes and caddies for Dumfries and Galloway council (see letsrecycle.com story) and a 1.7 million deal with Serco to provide bins and caddies to households in Canterbury (see letsrecycle.com story) have seen the companys sales reach 13.9 million since the turn of the year, helping the company to turn a profit for the half year ending June 30 2013.
At its AGM this morning, chairman James Newman, welcomed the news.
Progress
He said: Sales for the first six months of 2013 were 13.9 million and we expect EBITDA for the period to exceed 1.0 million. We are delighted that the manufacturing business has generated profits for six consecutive months as a consequence of the significant changes made to it and believe this progress is not only sustainable but can be built upon.
The Group is now profitable and with its order book consistent with levels achieved in recent years, we can look forward with renewed confidence.
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Straight has provided more than 25 million kerbside boxes, baskets and caddies to local authorities across the UK since it was founded by current chief executive Jonathan Straight in 1993. The company has also established sales channels overseas, supplying clients in North America and Australia.
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