Last week, IPL Plastics, the group formerly known as One51, reported earnings (EBITDA) at $20.5m for the third quarter, which compares to $25.5m for the same period last year.

The company blamed the drop in performance primarily on resin (a key component of plastic) input costs that have been steadily rising in recent months. Revenue rose 7.4% in the three-month period to $169.2m and was driven primarily by continued organic volume growth.

Alan Walsh, chief executive officer of IPL Plastics, said: “As with our competitors in the plastics sector, we continue to be adversely affected by increased resin prices and other input costs, which reduced our profitability during the period.”

He added that the company will continue to raise prices to reflect increases in resin costs and manage its costs. He outlined that the near-term resin pricing environment appears to be stabilising. He also said that the company was continuing to evaluate a number of external growth opportunities in the US and Europe.