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Earnings increase at IPL Plastics, CFO resigns

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IPL Plastics products stored in a distribution facility

IPL Plastics products stored in a distribution facility

IPL Plastics products stored in a distribution facility

Manufacturing group IPL Plastics reported a 10pc increase in earnings in the first three months of this year to US$19.1m (€17.7m) on the back of improved margins.

However, the group saw its revenue decrease by 0.5pc to $141m (€130m), according to a trading update.

Although adversely affected by the Covid-19 pandemic, the prospects for the company, formerly known as One51, “remain positive,” IPL said.

“Although the nature of this crisis means that future market conditions are far from certain, IPL remains well positioned to take advantage of any end-market growth opportunities which may arise,” Alan Walsh, chief executive of IPL, said.

The company said experienced a reduction in revenues during March of certain products, particularly food service pails in North America.

Nonetheless, its overall revenues for the first three months of this year were not significantly impacted by Covid-19, as the spread of the virus was only in its early stages in Europe and North America.  

Meanwhile, IPL’s chief financial officer, Pat Dalton, is leaving the company and resigning from the board, effective immediately “to pursue other business opportunities.”

IPL said a search for Mr Dalton’s replacement is underway. In the meantime Alan Walsh will oversee the company’s financial responsibilities as interim CFO.

Online Editors