The more focused plastics group saw its profits rise 53% to €55.2m for the year ended 31 December 2016, on the back of increased revenues which rose 18.6% to €433.9m. The group’s strong performance in 2016 was driven by a combination of organic growth and a full-year contribution of IPL, the group’s North American Plastics Division, in which it acquired a 67% stake in 2015 for €201m. Net debt increased by €32m to €152.5m at the end of 2016.
The more focused plastics group saw its profits rise 53% to €55.2m for the year ended 31 December 2016, on the back of increased revenues which rose 18.6% to €433.9m. The group’s strong performance in 2016 was driven by a combination of organic growth and a full-year contribution of IPL, the group’s North American Plastics Division, in which it acquired a 67% stake in 2015 for €201m.
Net debt increased by €32m to €152.5m at the end of 2016.
Environmental services to be sold off
One51, which disposed of its Irish metals-recycling businesses in October 2016, has also announced that it is to divest its environmental-services operations, both in Ireland and in the UK. It will sell off ClearCircle, which is the umbrella brand for the Group’s Irish and UK environmental services activities and the recently disposed Irish metals recycling activities, as well as continuing metals recycling activities in the UK. This division generated revenue of €102.8 million and had earnings of €10.3m and margins of 10.1% in 2016. These disposals will enable One51 to focus its resources on its core plastics businesses.
Plastics division
The plastics divison, which now accounts for 76% of the business, saw revenues rise €100m to €331.1m while profits (EBITDA) rose 45% to €48.8m.
Last year, One51 acquired Encore Industries, a rigid-plastic packaging for the North-American industrial market, for $35m. It also commissioned a food-grade packaging facility at its OPG Cork facility (pictured above).
Alan Walsh, One51’s Group Chief Executive said: “In a few short years, One51 has evolved from being a diversified investment company to one focused solely on plastics. Our latest results, which are ahead of expectations, support that strategy. Our challenge now is to continue to grow our plastics operations, both organically and through acquisition, while continuing to integrate our previous acquisitions.”
He added that the group has potential to make acquisitions in the retail packaging and bulk packaging sectors in both North America and Europe.
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