IPL Plastics has reported higher gross profits for the year to the end of December, but its revenues fell.
The Dublin and Toronto-based company said its gross profit rose by 10.9% from $22.9m to €25.7m, while revenues fell by 8% to $605.1m from $657.8m.
The firm - formerly known as One51 - manufactures a range of plastic products, from food containers to wheelie-bins.
Earnings for the year increased by 17.2% to $91.5m, on the back of strong margin improvements across all division.
The company said its net debt increased from $210.5m in 2018 to $297.4m in 2019 mainly due to the acquisition of Loomans and the recognition of lease liabilities.
Alan Walsh, CEO of IPL Plastics said, the company's ongoing focus on rebuilding margins and enhancing operational performance is continuing to pay dividends for it.
"While our results for the last calendar year reflect a very strong improvement in profitability and cash generation, we expect to sustain that progress into 2020 with further improvements in performance," Mr Walsh said.
The CEO said that trading across all IPL's divisions is satisfactory to date in 2020.
"We expect top line revenue growth in Fiscal 2020 underpinned by new contract wins and a broadly stable resin outlook," he added.
