Shareholders in investment group One51 have been told that the company performed 'satisfactorily' in the first half of 2009.
Chairman Philip Lynch told the group's AGM it was confident that its full-year performance would be 'at a minimum' in line with the outlook given in May. At that time, One51 said it expected earnings before interest, tax, depreciation and amortisation (EBITDA) to be 15-20% lower than 2008's €52.2m.
Mr Lynch said net debt at the group had dropped to €191m from €213m at the end of 2008.
He said One51 had kept its biggest division - environmental services - in profit after taking action to cut costs last year.
Mr Lynch said the group was 'comfortable' with NTR's solar and wind investments in the US. It owns a 25% stake in NTR, which is worth around €146m.
