In a trading update released this morning, the group highlighted the impact a weaker sterling has had on profits. The group which derives around a third of its profits from the UK, said it is concerned around the outlook for the UK economy post the Brexit vote. It said that the decline in the value of sterling has adversely impacted group profits, but said the group continues to perform “satisfactorily” and “expects to perform in line with market expectations for 2016”.

Alan Walsh, chief executive of One51 said it will maintain a cautious stance around the outlook for the UK economy. But he added that despite sterling challenges, he is confident in the group’s core operating divisions to grow profitably.

The group continues to be driven by a strong performance from IPL, its North American plastics business. It recently acquired Encore Industries in the US for $35m (€32m) in a deal that is said to be transformative for One51, effectively doubling the group’s turnover in the region to €450m per annum. Closer to home, One51 recently invested €8m in a new facility at Little Island in Cork that will supply plastic packaging to the Irish food sector.

Shares, which are traded on the grey market have been trading at between €1.40 and €1.50 over the past month, significantly down from 12 months ago where they hit highs of €1.80.

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