One51 has announced after-tax profits of €7.1m in 2013 following a loss of €116.1m in 2012. Today’s result represents the business first after-tax profit since 2006.

It says this turnaround was achieved while reducing net debt by 54.6% to €40.3m. Commenting on the results today, Alan Walsh, Chief Executive, said: “I am pleased to report that the Group delivered a profit after tax of €7.1million in 2013, its first profit after tax since 2006. The turnaround in our fortunes which has accompanied the completion of the two-year action plan set out to shareholders in 2011 puts the Group in a position to focus on growth and increasing shareholder value.”

One51 was set up in 2005 by the Irish Agricultural Wholesale Society Ltd. Walsh noted: “From a balance-sheet perspective, both net debt and leverage ratios at year end were at lower levels than any year end since 2005. Consequently, One51 is now in a more robust financial position than at any time in recent years. Trading since the year end is in line with expectations.”