One51 revenues jump nearly 19% to €433m in 2016

Company eyeing acquisitions in North American retail and bulk packaging sectors

One51’s group chief executive Alan Walsh: “Trading in 2017 to date has been solid and in line with expectations.” Photograph: Dave Meehan

One51’s group chief executive Alan Walsh: “Trading in 2017 to date has been solid and in line with expectations.” Photograph: Dave Meehan

 

Plastics manufacturer and waste manager One51 said on Monday that revenues rose by 18.6 per cent in 2016, driven by strong organic growth.

The company is completing its exit from its environmental services business and is now eyeing up acquisitions in the retail packaging and bulk packaging sectors in both north America and Europe.

In the year to December 31st, 2016, revenues at One51 rose by 18.6 per cent to €433.9 million, primarily driven by strong organic growth and a full-year contribution from IPL, the group’s North American plastics division purchased in 2015 along with two Canadian equity partners.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 53.1 per cent to € 55.2 million, while pretax profits fell by 30 per cent to €23.9 million. Adjusted EPS increased to 11.04 cents (2015: 6.98 cents), a 58.2 per cent increase year on year.

One51 pulled out of a planned stock market float last year, with opposition from key shareholders. Its biggest shareholder is Dermot Desmond’s International Investment and Underwriting, which holds over 21 per cent, with other shareholders including Larry Goodman, and a number of co-ops, including Kerry, Dairygold and Lakeland. Its shares are listed on the grey market.

Potential

Alan Walsh, One51’s group chief executive, said that the company’s challenge now is to continue to grow its plastics operations, both organically and through acquisition, while continuing to integrate its previous acquisitions.

“We see the potential to make acquisitions in the retail packaging and bulk packaging sectors in both North America and Europe. Trading in 2017 to date has been solid and in line with expectations,” he said.

The company’s annual report shows that Mr Walsh received total remuneration of €777,202 last year, compared to €863,612 the previous year.

Plastics accounted for € 331.1 million of revenues in 2016, up from €231.8 million in 2015, due to the full-year impact of IPL .

The results announcement confirmed that One51 has decided to divest itself of its environmental services operations, both in Ireland and in the United Kingdom. ClearCircle, the umbrella brand for the environmental services businesses, provides hazardous-waste management and materials-recovery services.

Annual report

“These sales will allow One51 to focus on the development and growth of its core plastics operations, through both organic and acquisition-led initiatives,”it said.

Revenues at ClearCircle fell to €102.8 million. The annual report confirms that the company is “in the process of disposing of” its Irish and UK specialist environmental services operations.

In a note, Goodbody Stockbrokers said it was “a very solid set of results” for One51, with 2016 marking “another key strategic milestone for the group”.