IPL move pays off as One51 sales rise
Earnings at Irish plastics group One51 more than doubled in the first half of the financial year as its recent acquisition of IPL outperformed expectations.
One51 moved for the Canada-based plastics firm last July with the business contributing €94.6m to group revenue in the first six months of 2016.
Revenue at the company increased by 51pc to €214.2m, which the company said was primarily down to strong performance in its plastics division.
IPL played a key role in the doubling of One51's earnings. Earnings before interest, tax, depreciation, and amortization (EBITDA) soared to €27.2m.
However, One51 chief executive Alan Walsh, inset, said its business in the UK was hit by a fall in the value of sterling after the Brexit vote.
"Other potential impacts of Brexit are difficult to assess currently but should become clearer in the second half of the year," Mr Walsh said.
Profits during the six months took a 62pc hit, falling to €8.9m.
However, the company's last half-year profit was inflated by the de-merger of Altas Investments, formerly NTR.
One51 made an after-tax profit of €18.4m from Altas.
Net debt at the plastics firm rose by €26.5m to €146.8m with the increase being driven in the most part by a drawdown in funding and new acquisitions.