One51 profits up 14% on back of cost cutting

ONE51, the investment group headed up by former IAWS chief Philip Lynch, has reported a 14% year-on-year increase in first half earnings before interest, tax, depreciation and amortisation (EBITDA) to €26 million.

The improved results for the six months to the end of June, which also featured a 26% increase in turnover to €190m, were attributed to recovering volumes, stronger prices and a reduction in costs in the group’s environmental services division.

Mr Lynch said that One51 is “performing ahead of budget and generating strong operating cash flows”.