The Board of One51 has agreed to recommence exploring a possible IPO and stock-market listing for the group in the next 12 to 18 months, subject to market conditions, according to a statement issued by the company.

Last year One51 announced its intention to float on the stock market.

However, the plan was blocked by Dermot Desmond who was opposed to diluting his 22% stake. He then sold his entire holding in One51 in May therefore clearing the way for One51.

A stock-market listing would provide shareholders with a liquid market for their shares and would facilitate raising further equity to grow One51.

First half results

In the first six months, One51 saw profits rise 31% to €32.4m on the back of a 32% rise in revenues to €225.8m compared with the same period last year.

The increased performance was primarily driven by strong organic growth in IPL, the group’s North-American plastics division.

Alan Walsh, group chief executive, said the IPL business in both the American and Canadian markets continues to perform ahead of expectations and in Europe, UK earnings were in line with expectations despite being adversely affected by the fall in the value of sterling.

He added that One51 is currently investing heavily in expanding its production facilities in both the US and Canada in response to the very strong organic growth in those locations.

In June One51 acquired Macro Plastics a bin and packaging business in North America. It also disposed of its Specialist Environmental Services businesses in April.

The group said it remained confident of delivering full year results in line with market forecasts.

Shares in One51 which float on the grey market are currently trading in the range of €1.80-€1.85

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