Revenues rise after One51 pins hopes on plastics

One51, the Irish environmental services and recycling company, continues to narrow its commercial focus to the plastics industry, selling off metals recycling facilities.

The company has announced an increase in its revenue of 18.3 per cent over the last year, to €433 million after the acquisition of Encore Industries, an American plastic packaging maker, and selling off its British and Irish environmental services divisions.

Alan Walsh, One51’s Group Chief Executive, said: “In a few short years One51 has evolved from being a diversified investment company to one focused solely on plastics. Our latest results, which are ahead of expectations, support that strategy. Our challenge now is to continue to grow our plastics operations, both organically and through acquisition, while continuing to integrate our previous acquisitions. We see the potential to make acquisitions in the retail packaging and bulk packaging sectors in both North America and Europe. Trading in 2017 to date has been solid and in line with expectations.” 

Earnings in 2016 increased by over half, 53 per cent, to €55.2 million (£47.8 million) and One51 has pledged to continue its efforts to buy plastics packaging and processing operations.