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Straight reports preliminary results

Straight, the recycling products and services group, has announced its preliminary results for last year. Its total revenue for 2007 was £23.6 million, compared to 27.8m in 2006, a reduction of 15%.

The company has recently won tenders worth £1.42m to supply seven local authorities in Wales with food and kitchen waste collection equipment.
Chairman James Newman acknowledged that 2007 was not a good year for the group. He said:
This fall was a result of reduced retail sales, which were down 44% from the exceptionally high levels of 2006.

This was mainly due to the extreme wet weather conditions experienced in the middle of the year, which affected sales of water butts [rainwater containers] and other gardening products.

The firm sells everything from kerbside containers, kitchen waste containers, wheeled bins and home composting bins. The Governments Waste & Resources Action Programme, is one of Straights main customers for purchases of home composting bins.

Even though turnover for the company was down, its overall gross margins improved slightly from 19.3% in 2006 to 20.8% in 2007. The firm believes that trade sales in 2008 will grow.

Chief executive Jonathan Straight said: The future holds growth in our new products and innovative forward thinking business. Legislative drivers are pushing business forward. Drivers such as landfill tax, producer responsibility and Waste Strategy 2007 are all driving the business forward.

Image: Straight CEO Jonathan Straight

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