Friday 9 December 2016

Profits at takeover target One51 up 12pc to €5.1m in first six months

Published 28/08/2015 | 14:21

Alan Walsh of One51
Alan Walsh of One51

Investment company One51 said profits increased 12pc to €5.1m in the first six months of this year.

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In a statement, the company said revenue climbed 10pc to €142.9m.

One51 is the subject of a takeover bid from another investment group, CapVest.

One51 said there had been “no further developments with respect to this possible offer and the company continues with its strategy to develop its core operating businesses while continuing to assess appropriate liquidity options for shareholders”.

Chief executive Alan Walsh said it had been a “solid six months for One51”.

“We also have almost halved our interest charge as a result of our renegotiated banking arrangements and reduced debt levels.

“Since period end, the acquisition of our 67pc stake in IPL. has further developed our strategy of growing our Plastics division through both organic investment and acquisition, with a similar strategy being deployed for ClearCircle. Also notable since period end is NTR’s announcement of details of its shareholder exit mechanism,” he said.

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