RESULTS PUBLISHED by the Philip Lynch-led investment group One51 show that turnover rose by 26 per cent to €190 million in the six months to the end of June. This figure excluded revenue from its WEEE electrical recycling business, which it exited in 2009.
One51 also reported a 14 per cent rise in its earnings before interest, tax, depreciation and amortisation (Ebitda) to €26 million. Its earnings before interest and tax rose by 18 per cent to €18 million. But there was no mention of whether the company made a profit or loss on its activities in the six-month period.
Commenting on yesterday’s results, Mr Lynch said: “One51 is performing ahead of budget and generating strong operating cash flows. Its considerable portfolio of investments, including NTR, OpenHydro and Irish Continental Group, are performing well and yielded cash dividends of more than €4 million during the period.”
The results release also stated that One51 had completed the acquisition of a niche British hazardous waste operator, Alchema Ltd, which has operations in Newcastle and Edinburgh.
“One51 also invested in Pioneer Green Energy and Island Renewable Energy in the first half of 2010. These are renewable energy companies focused on developing wind and solar energy under the leadership of experienced management teams.”
The results come just six days before One51’s annual shareholder meeting. Rebel shareholders, led by former One51 waste executive Gerry Killen, have tabled questions relating to the company’s strategy, corporate governance and payment of tax-free royalty income to certain executives.
