One51 eyeing further purchases

One51 is eyeing acquisitions in North America and mainland Europe as it continues to sharpen its focus on its core plastics operations.

The Dublin-based group yesterday formally confirmed long-running speculation that it is planning to sell its ClearCircle business, which acts as its environmental services division in Ireland and Britain. A sale, most likely to existing ClearCircle management, will free One51 up to fully concentrate on its plastics business.

“Our challenge, now, is to continue to grow our plastics operations, both organically and through acquisition, while continuing to integrate our previous acquisitions,” said group chief executive Alan Walsh.

“We see the potential to make acquisitions in the retail packaging and bulk packaging sectors in both Europe and North America,” he added.

The plastics division drove One51’s 2016 performance, through both organic growth and a first full-year’s contribution from the North American business IPL, which was bought in the middle of 2015. Revenue growth of 43% and earnings growth of 47% were seen in plastics last year. On a group-wide basis, One51 yesterday reported a 53.1% rise in annual earnings (on an EBITDA basis) to €55.2m and an 18.6% increase in revenues to €433.9m. Pre-tax profits dipped by €10m to €23.9m, however.

Goodbody Stockbrokers called One51’s figures “a very solid set of results”, with the year marking “another key strategic milestone for the group”.

It added that the increased focus on plastics will help drive synergies and cost efficiencies.

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