One51 predicts doubling of profits as 2006 turnover hits €121.8m

ONE51, the former IAWS Co-op, is expected to double its operating profits to €20 million this year.

The company, which is heavily involved in the waste management and recycling sector, made a pre-tax profit of €10.5m in 2006 and it is understood that it has already cleared €10m in profits in the first half of 2007.

According to One51’s annual report for 2006 the company had turnover of €121.8m. Included in this is €24.7m of sales from businesses acquired during 2006.

One51 has continued with its strategy of acquiring high growth businesses in 2007. These were Swiss recycling firm Resmar, Thormac Engineering in Shannon, a waste treatment company in London and another waste firm based in Kent in the south-east of England.

The acquisitions will add to One51’s activities in Britain this year, which represent just 10% of its overall turnover.

At present, €55.3m of the company’s turnover is generated from waste treatment and recycling, €55.5m from food (it is the owner of Irish Pride Bakeries) and a further €10.9m from its plastics division, which was established in 2006 with the takeover of Protech Performance and Enplast.

One51 chief executive Philip Lynch said 2006 was a year of significant development for the company, including its moves into Britain and the North.

Also during the year it raised €168m through the issue of convertible loan notes to private investors.

Since the 2006 year end, 94% of the loans notes, worth €142m, have been converted into One51 shares. Shares in One51 will begin trading on a grey market through Davy Stockbrokers this year.

Shareholders’ funds at the year end totalled €340.4m, more than double that of the previous year.