2010 was a transformational year for Straight (Leeds / UK; www.straight.co.uk) as it began a five-year plan to become a vertically integrated, brand-led, environmental products and service company. This change from outsourcing into manufacturing led to the acquisition of the UK business of Helesi (Egio / Greece; www.helesi.com) in March 2010 – see Plasteurope.com of 28.04.2010 – and the subsequent purchase in August of Powell Plastics, whose factory in Hull / UK has now had blow moulding capacity added to its injection moulding capability.

By the end of Q1 2011, almost two-thirds of Straight’s ranges of waste and recycling containers will be supplied from its own factory, which is being expanded with new warehouse and storage facilities. Financially, the group increased revenue by 8.3% to GBP 30.7m (EUR 34.7m) in the year to 31 December 2010. Underlying profit (excluding the impact of acquisition costs, exceptional items and share scheme charges) leapt 24.5% to GBP 1.9m (EUR 2.1m).

There was a strong cash flow of GBP 2.6m (EUR 2.9m), which, combined with the GBP 2.6m (EUR 2.9m) raised from financing activities enabled investment of GBP 5.4m (EUR 6.1m) in the expansion programme. Chief executive Jonathan Straight termed it an excellent performance against a tough economic background, with the goals for the first year of the five-year strategy fully met. Considerable cost savings have been identified within the manufacturing plant and Straight says these will be implemented through 2011. It anticipates the cost savings offsetting the potential impact of continuing difficult trading conditions. Acquisition targets will continue to be evaluated to further strengthen the Straight brand.