One51 reports profit for the first time in 8 years
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.”
- The Group successfully completed the two year Action Plan outlined to Shareholders at the 2011 AGM. Profit on ordinary activities of €7.1 million represents the first time since 2006 that the Group recorded a profit after tax and exceptional items.
- EBITDA increased by 11.8%, due to a strong performance in the Plastics division.
- Net debt was substantially reduced to €40.3 million and leverage levels are now lower than at any year end since 2005.
- Subsequent to the year end, a new €75 million bank facility for a four year term to January 2018 was agreed with the Group’s banks.
- Management focus has now shifted to the growth of shareholder value and assessing optimal future capital structure