One 51 to sell off assets to reduce debts
Investment group One51 is planning to sell off assets to reduce its debt shareholders were told today.
Interim chief executive Alan Walsh also said the company had under-performed and the group will review its divisions to maximise returns for investors.
He launched a two-year action plan which has been approved by the board.
''The results of this plan will become evident over the coming two years,” he said.
“The organisation that will emerge will be very different to what it is today,'' he added.
One51 also released unaudited results for the six months to the end of June today. Half year sales rose by 15pc to €218.7m while earnings before interest, tax, depreciation and amortisation fell by 7pc to €24.3m partly due to the non-payment of a dividend from NTR.
NTR recently told shareholders that it is not paying a dividend in 2011 and that future payments remain under review.
The company's net debt increased to €156.6m by the end of June from €146.9m at the end of 2010