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Straight

  • BY: Andrew Hore |
  • POSTED: 22/08/2012 |

Recycling containers maker Straight says that it is trading profitably in recent months but full year profit will be below expectations.

The share price slumped 3p to 31p a share, which values Straight at £3.69m.

Revenues grew 11% to £16.7m in the six months to June 2012.

Net debt has fallen from £4.1m to £3.2m over the past six months as garden and hardware products sold well.  Cost reductions are starting to come through and further reductions have been made in the factory acquired from Helesi in 2010. 

A profit of £900,000 had been forecast for 2012,compared with a loss last year. That would have put the shares on four times prospective 2012 earnings.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2012_35.pdf

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