Speaking at the company’s AGM in Dublin yesterday, group CEO Alan Walsh said the net debt is expected to fall below €55 million by the end of the year, a 75% reduction on peak levels (€213m).

“After a difficult year in which our central headcount was reduced by over 50% as part of a wider rationalisation and restructuring of the group’s activities it is satisfying to be able to concentrate on growth,” Walsh said.

One51’s share price currently stands at €0.60 - down from a high of €6.00 in 2009 but recovering from the low of €0.20 experienced last year.

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