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Straight

  • BY: Andrew Hore |
  • POSTED: 23/09/2008 |

Straight hopes to report improved second half trading.

The waste recycling containers supplier made much lower profits in the first half of 2008 on turnover 3% lower at £13.5m. A goodwill impairment charge of £1.03m meant that Straight swung from a reported profit of £763,000 to a loss of £936,000. The balance sheet remains strong with net cash of £2.84m.

Straight has reduced its interim dividend from 1.25p to 1p a share.

The main problem has been the retail business, which has been significantly slimmed down. Sales more than halved in the first half.

In contrast, the trade business increased sales by 11% to £12.1m. these products to sold to local authorities and other organisations. The business has a record order book of £9m and most of that should show through in the second half.

Central costs should start to reduce in the second half.

Straight shares fell 4p to 43.5p, valuing the company at £5m.

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