Earnings at Irish plastics company One51 increase 31pc as the group eyes IPO
Earnings at Irish plastics company One51 have increased 31pc to €32.4m in the six months to 30 June.
Revenue during the period grew by 32.4pc to €225.8m in comparison to the six months to 30 June 2016, according to the groups interim results.
The increased revenues and earnings were primarily driven by strong organic growth in IPL, the group’s North-American plastics division and the six- month contribution from Encore Industries, which was acquired in November 2016.
One51’s profit for the six-month period before after tax and other items was 6.2m – down 30pc on the same period last year, however charges in respect of exceptional items net of tax included in the profit for the period amounted to €6.3m, in the same period last year changes were €3.8m.
Announcing the results the Board of One51 said that it has agreed to recommence exploring a possible IPO and stock-market listing for the group in the next 12 to 18 months, subject to market conditions.
As previously reported by the Sunday Independent, the company is targeting a listing on the Toronto Stock Exchange.
According to One51 a stock-market listing would facilitate raising further equity if necessary to support future growth.
"Given the significant progress in the business, the Board has recommenced exploring a possible IPO.
As well as delivering very strong results for the first half of the year we have successfully integrated the Encore acquisition into our IPL division," Alan Walsh, One51’s group chief executive said.
Earlier this year the group acquired Macro Plastics, which produces rigid-plastic bulk bins and bulk packaging solutions to the North-American agricultural and automotive sectors, as part of its continued expansion and investment in the North-American market.
Macro adds three new US manufacturing locations in Kentucky, Washington State, and California to One51's portfolio.
While in April this year the group disposed of its UK and Irish specialist environmental services businesses.
Mr Walsh went on to say that the company was confident of delivering full year results in line with market forecasts.