Container supplier Straight has announced its preliminary results for last year. The firm has bucked the economic downturn and seen its total revenue increase by 8% to £25.4 million. Its revenue was £23.6m in 2007.
The firm has said that demand for its containers, which include kerbside recycling boxes and food waste containers was strong.
Chief executive Jonathan Straight said: We havent got any debt and plenty of cash and we have taken up opportunities presented to us. The market has been driven by regulation and local authorities have got to increase their recycling targets or get fined.
Straight explained that AD was on the agenda of the Government and more councils were increasing their food waste collections.
He said that all the problems the company had in 2007 were now well and truly fixed. Its total revenue for 2007 was £23.6 million, compared to 27.8m in 2006, a reduction of 15% (see MRW story)
Straight added: 2008 could have been a better year for us but anything that went wrong in the business has now been put right.
We have no debts, growth in markets and good relationships with our investors for the year coming.
Straight said that the waste sector would be one of the winners in the recession as more councils look to increase their recycling rates and invest in waste technology and services: The Board is confident that 2009 will prove to be a successful year.