One51 has reported an after-tax profit of €7.1m for last year - the company's first after-tax profit since 2006.

The investment company had reported a loss of €116m in 2012 and said that last year's improvement was achieved while reducing net debt by 54.6% to €40.3m.

One51 was set up in 2005 by the Irish Agricultural Wholesale Society Ltd, which had previously spun the majority of its assets off into the IAWS Group. 

The company has just completed a two-year action plan focused on the disposal of non-core assets. 

It said today that group turnover fell by 12.8% in the year to €301.6m, reflecting its disposal programme.

"The turnaround in our fortunes which has accompanied the completion of the two-year action plan set out to shareholders in 2011 puts the group in a position to focus on growth and increasing shareholder value," commented its chief executive Alan Walsh.

The company said today that it continued to perform "to expectation" during the first quarter of 2014. It said that its focus has now shifted to the growth of shareholder value and the optimal future capital structure.