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Earnings (EBITDA) at One51 plc, the plastics and environmental company, doubled from €13.3m to €27.2m for the first six months this year. The main driver of growth was the addition of IPL, the North American plastics business acquired in July 2015.
Revenues increased 51% to €214.2m. Profit before tax and exceptional items increased 37% to €11.3m.
There was strong growth in both divisions, Plastics and ClearCircle Environmental. The plastics division is now the key driver of profitability, with over 85% of EBITDA coming from the division in H1. IPL contributed €94.6m to revenues and €15.6m to earnings during the period.
The group made a profit from its investment in Altas, formerly NTR plc of €3.4m.
Performing ahead of expectation
Group chief executive One51 Alan Walsh said: “The new business has performed ahead of expectation since acquisition.”
He added that UK earnings were impacted negatively by the fall in the value of sterling in the wake of Brexit. He said that other potential impacts of Brexit are difficult to assess currently, but should become clearer in the second half of the year.
Net debt at end of June increased 22% (€26m) to €146.8m compared with the end of June last year.
One51 commissioned a food grade packaging manufacturing facility in Cork, which will become operational during H2 2016. It will manufacture plastic packaging products to support the Irish food industry.
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