IPL Plastics, the company formerly known as One51, recorded double-digit profit growth last year despite a fall in sales. For its 2019 financial year, IPL recorded adjusted earnings (EBITDA) of $91.5m (€83.4m), which was up 17% year-on-year as earnings margins improved more than 15%.

Operating profits almost tripled for the company last year to $35.5m (€32.4m), as profit margins widened from just 2% in 2018 to a much healthier 5.9% in 2019. Despite the strong growth in profits, IPL saw an 8% decline in full year sales to just over $605m (€551m).

IPL’s net debt position at year-end 2019 rose by almost €80m to just over €271m

The group blamed the fall in sales on a reduction in the price of resin (which is used to make plastics), a decline in bin manufacturing, as well as reduced demand for consumer plastic packaging in the European electronics sector.

IPL’s net debt position at year-end 2019 rose by almost €80m to just over €271m, which the company said was due to the €75m acquisition of Loomans, a Belgian plastics company, in May last year.

Alan Walsh, chief executive at IPL Plastics, said the company had delivered very strong improvement in profitability in 2019 and that he expected this trend to continue in 2020.

Irish shareholders, including co-ops such as Dairygold, Glanbia, Kerry and Lakeland, along with Larry Goodman, own around 45% of IPL Plastics.

Shares in IPL Plastics are this week trading at C$4.20. When IPL first floated on the Toronto stock market in 2018, its shares traded at C$13, but have since plunged by almost 70% in value.