Investment group One51 has said its profits before interest and tax in the first half of this year were €18m, up 18% on the same period a year earlier. Revenue was up 26% to €190m, excluding the WEE business which was discontinued last year.
One51 said the improved results were due to recovering volumes, higher prices and lower costs in its environmental services business.
CEO Philip Lynch said the group was performing ahead of budget, and that its investments in companies such as NTR and ICG had brought in dividends of more than €4m in the six months.
During the period, the environmental services arm bought UK hazardous waste operator Alchema. It also invested in Pioneer Green Energy and Island Renewable Energy, two renewable energy companies focused on developing wind and solar energy in the US and Europe.
The group holds its AGM next week. A group of shareholders headed by former One51 executive Gerry Killen recently sent a letter to all shareholders which was highly critical of the group's management. They are also planning to propose that three new directors be elected to the board.
