News blog

Straight

  • BY: Andrew Hore |
  • POSTED: 21/12/2007 |

Plastic bins and waste recycling containers supplier Straight expects its 2007 profits to be “materially below current market expectations”.

This knocked 22.5p off the shares. They have fallen by 62% over the past year. At 72.5p, the company is valued at £8.33m. Straight had a good track record but in the past 18 months it has begun to consistently disappoint.

House broker Panmure Gordon was forecasting a £2.08m profit in 2007. Straight blames the shortfall on delays in large contracts which means that they will now fall into 2008.

Straight is still blaming the wet weather in the summer for its woes in the retail and gardening sectors.

The order book is said to be strong and overheads are being reduced.

A detailed trading statement will be released in January.

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