Rigid plastics manufacturer One 51 has said it is once again exploring a possible IPO over the next 12 to 18 months.

The Dublin-headquartered company was previously understood to be considering a stock market flotation, but it is believed general agreement among shareholders could not be reached.

Earlier this year businessman Dermot Desmond sold his c. 25% stake in One51, which he held through his investment vehicle IIU.

It is understood Mr Desmond was opposed to a stock market flotation for One51.

His shareholding was sold to Canadian firm, Caisse de dépôt et placement du Québec, which is said to be in support of the latest potential effort to float the plastics manufacturer.

One51 also announced its financial results for the first half of 2017 today.

A strong performance in the group’s IPL business saw revenue jump by 32.4% to €225.8m, when compared with the first six months of 2016.

EBITDA was 31.1% higher at €32.4m, with the pre-tax profit also increasing by more than a third to €14.8m.

Profit for the period after tax and exceptional items dropped by 30% to €6.2m, however, charges in respect of exceptional items for the period were up from €3.8m in H1 2016 to €6.3m.