Investment company One51 made pre-tax profits of €24.5m in the year to 31 December 2010, according to figures published today.
The pre-tax figure was an increase of €5m (25.6%) on the 2009 figure of €19.5m.
The company, a spin-off from the Irish Agricultural Wholesale Society, recently fired Philip Lynch as chief executive.
It also announced an agreement for €200m refinancing with six banks.
The banks involved in the deal are AIB, Bank of Ireland, Bank of Scotland, KBC Bank, Rabobank and Ulster Bank.
One51 reported turnover of €375.7m for 2010, up 14.4% on the 2009 figure of €328.4m.
EBITDA was up 4.0% to €47m and the company reported operating profit of €31.1m, up 6.1% on the 2009 figure'.
Both of these figures were before 'exceptional items', which they reported as €125.3, resulting in a net loss of €104.7m.
The exceptional items were comprised principally of a non-cash write-down of One51's investment in renewable energy group NTR, the company said.
'We are satisfied with the operating performance of the Group in 2010, in the context of difficult trading conditions in Ireland and the UK,' said Alan Walsh, interim chief executive.
'The major contributor was ClearCircle Environmental, where underlying profitability increased due to a recovery in volumes and higher commodity prices.
'Exceptional items, however, had a significant negative impact on results, principally through a non-cash adjustment to the value of the Group's shareholding in NTR plc.'
One51's earnings are export orientated, the results show, with over 70% of revenues by destination occurring outside Ireland.
Irish One51 had net debt of €146.9m at the end of 2010, down from the 2009 figure of €163.9m.
It reported a net debt to EBITDA ratio of 3:1 and EBITDA interest cover multiple of 7.1.
