One51 beats expectations to triple profits
Published 15/04/2015 | 02:30
Irish investment company One51 saw its after tax profits more than triple last year to almost €13m on the back of strong revenue growth.
For the 12 months to the end of 2014 the company reported revenue of €276.5m. This was up from just under €251m the year before.
The group's profit after tax more than tripled from €2.8m in 2013 to €12.7m in 2014.
After refinancing its remaining borrowings under a new four-year facility to January 2019 the company also slashed its debt levels from just over €40m in 2013 to €7.4m.
The Dublin-headquartered environmental services and investment holding group now has over €90m in funds available
Alan Walsh, group chief executive said that "2014 was a year of significant progress and growth for One51."
He added: "The financial results for 2014 were ahead of our expectations and our leverage ratios are now at their lowest levels in the group's history."
As well as its strong results, One51 is also in line for a huge payout from Irish wind energy firm NTR, in which it holds a 23pc stake.
NTR is expected to make up to €240m available to shareholders following the sale of windfarms in Kansas, Missouri and Oklahoma.