One51 tells shareholders to brace for losses but expect a turnaround

One51 says it is likely to suffer further “significant” losses this year, adding that its recovery will be “a multi-year turnaround” programme.

At the environmental and niche investment group’s AGM yesterday, chief executive Alan Walsh told shareholders the company’s near-term performance would “not be pretty” and there would be no “quick fixes” or overnight solutions in turning the company around and into an operating entity with prospects for growth.

However, he said significant success had been made in terms of lowering debt levels and disposing of some non-core interests.