One51 closer to stock market listing as it changes name to IPL Plastics
Dublin-based plastics manufacturer One51 moved closer to a stock market listing yesterday after shareholders unanimously backed the company's plans to reorganise its group structure and change its name.
All the alterations aside from the rebranding to IPL Plastics, which takes effect immediately, will be delayed until the planned IPO next year.
The shareholder vote comes after the company unveiled a trading update that revealed a mixed performance across the group.
Management re-iterated full year earnings (before interest, tax and depreciation) for 2017 will be in line with market expectations but said its results for the second half of 2017 have been negatively impacted by the decline in the value of the Canadian and US dollars, and by significantly increased costs following the recent hurricanes in the US.
One51's management, led by CEO Alan Walsh, also flagged a more sluggish performance in its Irish division due to reduced demand from the group's largest customer, as well as delays in embedding new customers into the new food grade facility in Cork, which was commissioned for full production in 2017.
However, Ireland now accounts for a sliver of the group's business. The vast bulk of its revenues are derived from North America
Despite the ongoing political and economic uncertainties in the UK, the group performed better there than in the prior year on a constant currency basis.
However, the group said that its Irish business has been adversely impacted by reduced demand from the group's largest customer, as well as delays in embedding new customers into the new food grade facility in Cork, which was commissioned for full production in 2017.
The integration of Macro, acquired in June, was "well progressed" with trading described as "solid".
"We are continuing to explore a possible IPO and have advanced this process in the last two months. The integration of Macro, our most recent acquisition, is progressing well and we are excited by the opportunities for continued growth in the North American rigid-plastic market with a presence on the US West Coast," Alan Walsh, CEO of One51, said.