One51 “exceeds expectations” in 2013

Investment company One51 said today that its trading performance for 2013 "exceeded expectations".

According to the group, which is led by chief executive Alan Walsh, net debt stood at €40 million as of the end of December 2013, its lowest in over six years, and down from €88.9 million in 2012. Full results for 2013 will be released in the second quarter of 2014.

According to Mr Walsh, One51 is now in a “more robust position” than at any time over the past number of years, noting that the group’s substantial restructuring and portfolio rationalisation programme carried out under the two year Action Plan announced in 2011 has been successfully completed.

“The group’s net debt position has been reduced to conservative levels with long term bank financing arrangements for existing operations now in place,” he said, adding that a clear group strategy is now in place.

“One51 will focus its future development on its plastics and environmental services businesses while continuing to manage its investments for maximum value. “

With regards to financing, One51 has recently agreed new bank facilities with Bank of Ireland, Allied Irish Banks and Ulster Bank Ireland. This involves a new € 75 million bank facility for a four year term to December 31st 2017. The group said that the terms of the new bank facility are "competitive in the current banking environment" and will result in significant savings in interest costs.