One51, the environmental and plastics group, has reported a 23% increase in earnings (EBITDA) to €13.3m for the first half of the year. The group attributed the strong growth in earnings to its plastics division following the integration of Straight plc, a UK plastics business acquired last year. Favourable currency tailwinds also contributed close to €1m in earnings.

Overall, revenues increased by more than 10% to €141.9m for the six months to the end of June, while pre-tax profits more than doubled to €8.2m. Significantly, the group’s net debt was reduced by almost 60% over the period to €14.5m, leaving the balance sheet in a very healthy position.

Alan Walsh, chief executive of One51, described the half-year results as solid performance.

“It was a solid six months for One51. Not only did we manage to integrate Straight effectively, but we also more than halved our interest charge as a result of our renegotiated banking arrangements and reduced debt levels”, added Walsh.

In July, One51 announced it had completed the acquisition of a 67% stake in the Canadian plastics business IPL. The IPL acquisition will be transformative for One51, effectively doubling the group’s turnover to the region of €450m. Walsh says that he expects One51’s full-year results to be enhanced as a result.