Bin manufacturer and provider Straight predicts a strong year ahead, despite a £4m fall in revenue for this year’s first half figures against 2009.
The decrease of Straight’s turnover from £17.2m in H1 2009 to £13.2m in H1 2010 is a result of changes to the group’s distribution agreement with plastic wheeled bin manufacturer Helesi, which caused sales to fall. But Straight said it was confident this will be reconciled after it bought Helesi’s UK operations in March.
Straight’s H1 underlying operating profits rose by £50,000 to £990,000 against 2009’s H1 results of £940,000. And turnover in its retail business increased substantially from £720,000 in H1 2009 to £1.16m in H1 2010, following its position as the sole supplier to the National Home Composting Framework, which provides composting containers to local authorities.
Straight chairman James Newman said: “The group continues to maintain a healthy order book and, with the benefit of recent acquisitions, the board is confident that performance in the second half of 2010 will exceed expectations.”
In addition to Helesi, Straight also acquired its leading injection moulding partner Dyro Holdings in August, allowing it to manufacture its own bins for the first time.
Straight chief executive Jonathan Straight said: “We are a very focused and ambitious group of people, committed to what we’re doing.
“We continue to churn out new ideas and new products. With the recent acquisition we can now make them all ourselves. We are rather different from other companies because we offer such a range of containers, from food waste to battery collection containers.”
Straight said it was looking at more acquisitions and strengthening its International profile. It saw overseas revenues increase by 7% this year.