The potential purchase of Straight by One51 could see the Irish firm take a leading position in the UKs waste container manufacturing market as it already owns the Rotherham-based wheeled-bin manufacturer MGB Plastics.
One51 describes MGB as “the UK’s leading manufacturer of wheeled bins and kitchen caddies and other recycling containers”.
Final
Meanwhile, Straight today (April 17) published its final results for the year ending December 31 2013, which indicated the Groups earnings before interest, taxes and depreciated and amortisation (EBITDA) increased to 1.99 million from 0.75 million for the same overall period in 2012.
While Group revenue was recorded at 26.10 million, down 1.72 million on 2012, underlying profit before taxation increased from a loss of 240,000 to 820,000.
The results are in fitting with the preliminary results recorded for the first half of 2013, when earnings before EBITDA increased by 30% to 1.12 million from 0.86 million from the same period in 2012.
At the time, Straight chairman James Newman said sales in 2012 were buoyed by the drought in early spring and subsequent overstocking by customers had impacted the 2013 demand.
Significant
Commenting on the final results, Mr Newman said: “2013 has seen a significant improvement in the trading performance of the Group, which has maintained its market leading position.
“2014 has started well with a strong order book already in place. The Board is confident that it will be able to deliver further profitable growth over the coming year.”
Chief executive of the firm Jonathan Straight, added: “At the end of 2012 I said that the foundations of recovery had been laid. At the end of 2013 it was apparent that this statement has proved to correct as a significant improvement has been delivered. The considerable momentum created through two years of restructuring is carrying us forward with confidence.”
Straight plc is based in Leeds with a manufacturing facility in Hull.
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