Friday 28 October 2016

One51 earnings soars to €27.2m as weak sterling hits UK sales

Published 26/08/2016 | 07:46

Alan Walsh of One51
Alan Walsh of One51

Earnings at plastics and environmental services operator One51 more than doubled to €27.2m during the first half of this year.

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The spike in earnings was largely attributable to the "transformative" acquisition of North American firm IPL, which it bought in July 2015.

The firm reported strong growth in both its plastics and ClearCirle Environmental divisions. Revenue increased by 51pc to €214.2m during the period.

One51 chief executive Alan Walsh praised the firm's integration of IPL.

"That business, which has performed ahead of expectation since acquisition, delivered very strong results during the first half of the year. UK earnings were adversely affected by the fall in the value of sterling in the wake of Brexit.

"Other potential impacts of Brexit are difficult to assess currently but should become clearer in the second half of the year. The second half of the year has started satisfactorily across all divisions with a number of significant capital investment projects undertaken in the first half of the year now coming into production," Mr Walsh said.

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