One-51 records net loss of €104m

ONE-51 incurred a net loss of €104.7 million in 2010, driven by a writedown in the value of its 24.1% stake in renewable energy group NTR.

The loss — detailed in the company’s latest set of accounts, published yesterday — follows a net loss of €10.9m for 2009.

Excluding the NTR writedown, One-51’s accounts actually show a 25.6% increase in under-lying pre-tax profits, with the figure jumping from €19.5m to €24.5m.

The net loss was also due to a €5.3m impairment charge in relation to One-51’s 50% stake in Greenore Port in Co Louth, which the company co-owns with the Dublin Port Company.

While much external attention of late has been fixed on the future of the group’s 12.5% stake in freight and ferry group ICG, One-51’s strong underlying 2010 performance was owed to its ClearCircle Environmental division.

The group’s interim chief executive — since the recent departure of Philip Lynch — Alan Walsh said the board was satisfied with the 2010 operating performance, “in the context of difficult trading conditions in Ireland and the UK”.

“The major contributor was ClearCircle Environmental, where underlying profitability increased due to a recovery in volumes and higher commodity prices. Exceptional items, however, had a significant negative impact on results; principally through a non-cash adjustment to the value of the group’s shareholding in NTR,” Mr Walsh said.

One-51’s group turnover rose 14.4% to €375.7m. Underlying operating profit jumped just over 6% to €31.1m and net debt reduced 10.4% to €146.9m.

The publication of its results follow a busy number of weeks for One-51 which saw it successfully agreeing an extension to its existing €200m bank facilities (with all of its initial lenders) six months ahead of expiration and the departure of Mr Lynch the group’s long-standing chief executive.

The group also has a food distribution aspect through its Irish Pride Bakeries business.