Plastics and environmental services and plastics operator One51 has reported higher earnings and revenues for last year on the back of strong organic growth.
One51 said its earnings for the year to the end of December rose by 53% to €55.2m while annual revenues grew by 18.6% to €433.9m.
Profits before exceptional items jumped by 57.9% to €17.9m.
The company said its results were also boosted by a full year contribution from IPL, its North American plastic division.
One51 said today it would divest itself of its environmental-services operations, both in Ireland and in the UK.
ClearCircle, the umbrella brand for its environmental services businesses, provides hazardous-waste management and materials-recovery services.
The company said the sale of the business will allow it to focus on the development and growth of its core plastics operations, through both organic and acquisition-led initiatives.
Alan Walsh, the company's group chief executive, said that its 2016 results, were ahead of expectations.
He also said that trading so far this year has been solid and in line with expectations.
"In a few short years One51 has gone from being a diversified investment company to one focussed solely on plastics. Our challenge now is to continue to grow our plastics operations, both organically and through acquisition, while continuing to integrate our previous acquisitions," Mr Walsh said.
"We see the potential to make acquisitions in the retail packaging and bulk packaging sectors in both Europe and North America," he added.
