One51 cuts borrowing as two companies acquired

THE investment holding company One51 led by businessman Philip Lynch has cut its level of borrowing and carried out two acquisitions.

In a trading update Mr Lynch told shareholders that earnings before interest, tax depreciation and amortisation for 2009 came in at €45.2m versus €52.2m in 2008.

“This is at the upper end of the guidance range which was given in December last year. While this result is 13% lower than the previous year, we believe it is a satisfactory performance in a very difficult economic environment,” he said.

Operating profit earned was €26.5m while net assets stood at €452.2m at the end of 2009. Net borrowing at December 31, 2009, was €163.9m, a reduction of €49m on 2008.

“Our emphasis on debt reduction will continue in the current year,” he said.

In 2009, the group incurred total exceptional charges of €44.4m.

Meanwhile, in the group’s renewable energy sector the group had an active year.

Until recently, One51’s renewable energy interests consisted of investments in NTR and tidal energy company OpenHydro.

But the group announced yesterday it had recently invested in two new renewable energy companies, Island Renewable Energy and Pioneer Green Energy.