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.

WHEN Philip Lynch scooped up 25% of NTR’s shares — at a cost of €135 million — in late 2004, investors and punters alike were very puzzled.