INVESTMENT FIRM One51 may float all or part of the group over the next year and a half, chief executive Philip Lynch said yesterday.

Speaking after the company's annual general meeting yesterday, Mr Lynch said One51 was looking at a "liquidity event" for shareholders in the next 12-18 months, and this may include a full flotation of the company.

Since last September One51 has been traded on a grey market operated by Davy Stockbrokers. The grey market is an informal market for shares that are not listed on an exchange.

Current market turmoil would not deter the company from seeking a listing for all or part of the company, Mr Lynch said.

"I think we are looking at a value-realisation event in some form, and can we use the cash better ourselves for shareholders or return it to them? At this point in time we think we can use it better ourselves, but we are looking at a value-realisation event for shareholders in the next 12-18 months," said One51's chief financial officer Paul Dixon.

Mr Lynch said the company was also looking at a number of options.

"We considered returning more cash to the shareholders. We considered putting more debt into the vehicle and returning more cash to the shareholders. We considered going totally public. We considered spinning off the environmental services business separately."

Environmental services has grown to become a substantial part of the group's business, accounting for 83 per cent of revenues. It is now operating under a standalone structure, and a separate branding of the division will be completed over the coming year. On top of acquisitions, the division has recorded 15 per cent organic growth, with return of capital employed of more than 12 per cent.

One51 is forecasting earnings before interest, tax, depreciation and amortisation (ebitda) of €30 million on turnover of €230 million for the half-year, and ebitda of €55 million on turnover for the group of €450 million for the full year 2008.

Mr Lynch said the company had about €300 million available, including loans and cash flow from its businesses.

He declined to elaborate on the company's plans for ferry company Irish Continental Group (ICG), in which it has a 25 per cent interest held in partnership with the Doyle Group. A standoff continues between ICG chief executive Eamon Rothwell; Doyle Shipping and One51; and property investor Liam Carroll.