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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