One51 looks at public listing to raise cash

Group chief executive Alan Walsh, said: “2015 was a year of significant progress and continued growth for One51.”

One51, the Dublin-based group which owns a number of plastics processing operations, is seeking to raise cash via a stock market listing of its shares.

The listing would raise an as-yet undisclosed amount of funds to finance One51’s “growth and development plans”, according to the company.

The news comes after the firm said total revenue rose 32% to €366m in the year ended 31 December 2015.

Earnings before interest, tax, depreciation, amortisation, exceptional items (Ebitda) and non-recurring items rose 67% to €36m.

Group chief executive Alan Walsh, said: “2015 was a year of significant progress and continued growth for One51.”

He added: “Moving to our next phase of growth requires that we enhance liquidity in the company’s shares and maintain an appropriate capital structure while having access to alternative forms of capital.

“In recent months progress has been made to facilitate a listing and to raise additional equity capital.

“Subject to shareholder approval, any decision to proceed with a listing and capital raising by way of any share placing will be made based on market conditions and the company’s interests and performance at that time.”

The firm’s plastics division generated revenue of €231.8m, an 89% annual rise, and Ebitda of €33.1m, an 111% rise, helped by its purchase of a two-thirds stake in IPL, a producer of injection-moulded plastic products for the North-American market, back in July 2015.

One51 employs around 1,600 people in Ireland, the UK, Canada, the United States and China.