Thursday 5 December 2019

One51 eyes expansion amid 'tentative signs' of recovery

A pedestrian is reflected in an electronic board showing the various stock prices outside a brokerage in Tokyo
A pedestrian is reflected in an electronic board showing the various stock prices outside a brokerage in Tokyo
John Mulligan

John Mulligan

Investment group One51 said it's seeing "tentative signs" of recovery returning to some of its end markets but that the recycling sector remains challenging.

The company said that both revenue and profits fell in the first half of the year as it sold units, including Irish Pride Bakeries, during the period.

Revenue was 3pc lower at €144.4m, while earnings before tax, interest, depreciation and amortisation (EBITDA) were 1pc softer at €10.9m. One51 has undergone a radical restructuring in the past couple of years. That included slashing its debt pile by about €100m in a two-year period and offloading assets.

Among the investments that were sold were a stake in ferry operator ICG.

Headed by chief executive Alan Walsh, One51's operations are now centred around businesses including its Clearcircle environmental arm, which deals with recycling and hazardous material.

It also owns stakes in other companies such as Open Hydro and has a specialist plastics business.

It owns almost 24pc of NTR, the company that it now focused on wind energy development. There was a fractious NTR AGM last week.

One51 sold its Dublin HQ in a €5.1m sale and leaseback deal, while it also secured a four-year €75m bank facility, with €10m of that having been repaid.

HSBC subsequently came on board on the banking syndicate, committing €25m to the facility.

Irish Independent

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