28 June 2013 – final results
The recycling company has released final results for the year ended 31 December 2012 following the close of the market. Revenue of £27.82m (2011: £27.97m) showed a very slight decline and a loss before tax of £1.63m was recorded (2011: loss of £0.79m). The adjusted loss per share, which excludes the impact of non-recurring items, corporate development costs, share scheme charges and amortisation of customer relationships and trademarks, was 2.3p (2011: earnings per share 5.0p). The basic loss per share was 12.6p (2011: 2.1p). No dividend was declared but this will be reviewed next year as there is a commitment to pay dividends when possible.
Straight is bullish about the future and believes that it is well positioned to deliver much improved performance moving forwards. We believe that value will be created over the longer term but some holders may bail out on the back of these results, which on the surface do not look great. We believe that the shares are a SPECULATIVE BUY but would see 25p as an attractive entry point.