Saturday 3 December 2016

One51 to seek listing, revenues increase 32.4pc to €366m

Published 29/03/2016 | 07:23

Alan Walsh of One51
Alan Walsh of One51

Plastics and environmental firm One51 increased its revenue by 32.4pc last year up to €366m with earnings before interest tax depreciation and amortisation (EBITDA) increasing by 67.1pc.

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One51 is also seeking to list its shares with an Initial Public Offering (IFO) a likely route.

Its shares are currently traded on a grey market but there is limited liquidity.

The company posted EBITDA of €36.1m while its adjusted earnings per share increased by 30.5pc to 6.98c.

While One51's gross profits increased year on year, its larger operating costs caused its profit before tax to fall to €21.1m.

One51 chief executive Alan Walsh said 2015 was a year of "significant growth" for the firm.

"Moving to our next phase of growth requires that we enhance liquidity in the company’s shares and maintain an appropriate capital structure while having access to alternative forms of capital.

"In recent months progress has been made to facilitate a listing and to raise additional equity capital. Subject to shareholder approval, any decision to proceed with a listing and capital raising by way of any share placing will be made based on market conditions and the company’s interests and performance at that time," Mr Walsh said.

In the company's annual results published this morning, it praised the "transformative" acquisition of American firm IPL.

One51 said IPL has provided the company with a strong presence and platform for growth in the North American market.

2015 also saw the first full-year impact of Straight, which it acquired in 2014.

The company said it has carried its strong momentum from the end of 2015 into this year and that it remains confident about its ability to grow profitability.

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