Straight plc (AIM: STT), the recycling products and services group, is pleased to announce its Final Results for the year ended 31 December 2013.
Financial Highlights:
- Underlying operating profit* £0.82m (2012: loss of £0.24m)
- Loss before tax £0.13m (2012: loss of £1.63m)
- Group revenue £26.10m (2012: £27.82m)
- Group gross margin increased to 27.8% (2012: 24.1%)
- Group EBITDA**increased to £1.99m (2012: £0.75m)
- Net debt £3.16m (2012: £3.14m)
- Adjusted earnings per share 5.0p (2012: loss of 2.3p)
- Basic loss per share 0.3p (2012: loss of 12.6p)
Operational Highlights
- Launch of 3BoxStack tm with significant sales post period
- Launch of Food Waste Inner Caddy with significant sales post period
- Significant contract wins secured with Serco in Canterbury, Dumfries and Galloway Council and City of Salford
-Four year framework agreement with YPO
-Two year framework agreement with ESPO
* excludes the impact of non-recurring items, share scheme charges and amortisation of customer relationships and trademarks
**underlying operating profit excluding depreciation
Commenting on the results, James Newman, Chairman of Straight said:
"2013 has seen a significant improvement in the trading performance of the Group, which has maintained its market leading position.
"2014 has started well with a strong order book already in place. The Board is confident that it will be able to deliver further profitable growth over the coming year.
Chief Executive, Jonathan Straight added:
"At the end of 2012 I said that the foundations of recovery had been laid. At the end of 2013 it was apparent that this statement has proved to correct as a significant improvement has been delivered. The considerable momentum created through two years of restructuring is carrying us forward with confidence.
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