Irish plastics company eyes IPO
One51 registers increased earnings in the first six months of the year
Driven by strong organic growth, One51 has registered increased earnings. Earnings at the Irish plastics company have increased 31pc to €32.4m in the first six months of 2017. The increase in revenue was 32.4pc from €225.8m during the same period in 2016. The group’s North American plastics division and performance by Encore Industries have contributed to the results. One51’s profit for the first six months of this year period before after tax and other items was 6.2m which is 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, which were €3.8m during the same period last year.
The board of the group will again explore the possibility of IPO and stock market listing for the group in the next 12 to 18 months. The company said that 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.
The group had acquired Macro Plastics earlier this year while it disposed of its UK and Irish specialist environmental services businesses. It took over the plastic business as part of its expansion plans in North America. Macro Plastics produces rigid-plastic bulk bins and bulk packaging solutions for the North-American agricultural and automotive sectors. The acquisition added three US manufacturing locations to One51’s portfolio. These included facilities at Kentucky, Washington State, and California.
Mr Walsh added that the company was confident of delivering full year results in line with market forecasts.
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