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.