Straight’s efficiency drive on target
Chairman James Newman said the group is making good progress with its programme of efficiency improvements in manufacturing.
The Leeds-based group also said it has renewed its finance facilities with Lloyds for another year.
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Hide AdAt the AGM yesterday all resolutions were passed with over 99 per cent of shareholders voting in favour of the remuneration report and the re-appointment of Colin Glass and Mark Halford as non-executive directors.
Straight is confident of a return to profit this year after what it described as a “tough” 2011.
The company faced a number of hurdles last year including rocketing plastics prices, integration costs and a lack of council spending.
These led to a pre-tax loss of £800,000 for the year to December 31, down from a £1.5m profit the year before. The group made a loss after tax of £243,000. Analysts have pencilled in a £900,000 after tax profit in 2012.