Revenue at environmental services and plastics operator One51 rose by 51% to over €214m for the first half of the year, following a strong performance by the firm’s plastics division.
€94.6m of this was contributed by IPL, which was acquired by One51 in July 2015.
The Dublin-headquartered company said Earnings after day-to-day expenses (EBITDA) showed an increase from €13.3m for H1 in 2015 to €27.2m this year.
The company’s net cash at the end of June stood at €144.7m, a near €8m drop on the same time last year.
One51 said unfavourable sterling-pound exchange rate movements and an increase in the liability in respect of its IPL shareholding were behind the fall.
Commenting on the results, One51 Group Chief Executive Alan Walsh said: “We have successfully integrated the transformative IPL acquisition into our Plastics division.
“That business, which has performed ahead of expectation since acquisition, delivered very strong results during the first half of the year.
“UK earnings were adversely affected by the fall in the value of sterling in the wake of Brexit. Other potential impacts of Brexit are difficult to assess currently but should become clearer in the second half of the year.
“The second half of the year has started satisfactorily across all divisions with a number of significant capital investment projects undertaken in the first half of the year now coming into production.”
