IPL, which was set up in 2005 as a spin-off of the Irish Agricultural Wholesale Society (IAWS) and was formerly known as One51, has seen its net profit plunge by 90% from C$22.7m (€15m) in 2017 to C$1.8m (€1.2m) last year.

Operating profits fell 62% to C$12.9m (€8.5m) for the year ended 31 December 2018. This is despite the company reporting a 22.7% rise in revenue to C$657.8m (€433m) for 2018.