One-51 braces for a fall in profits

ENVIRONMENTAL and niche investment group One-51 has warned that its operating profits this year will be down on last.

The company made an underlying operating profit of €31.1 million in 2010, but a net loss of €104.7m due to a write-down of its 24.1% stake in renewable energy group, NTR. Yesterday, the group reported an operating profit of €16.4m for the first six months of this year; down 10% on a year-on-year basis and a 14% rise in pre-tax profit to €11.3m.

However, the company told shareholders — at its annual general meeting yesterday — that its second half would be challenging; mainly because of rising costs and NTR not paying a dividend this year, with the overall result being a hit to the balance sheet.