ONE51
First-half revenue and earnings soar / Rigid plastic packaging producer to revisit IPO
Rigid plastic packaging manufacturer One51 (Dublin / Ireland; www.one51.com) saw revenue leap by nearly a third in the first half of 2017, boosted by acquisitions and organic growth at its US-based plastics operation. The company reported group revenue for the six months to 30 June 2017 up 32% to EUR 225.8m, while earnings rose by 31% to EUR 32.4m. One51 said strong organic growth in IPL (Saint Damien, Quebec / Canada; www.ipl-plastics.com), its North American plastics division, and a six-month contribution from Encore Industries (San Jose, California / USA; www.encoreindustries.com), a US operation that it bought in November 2016 for USD 35m (EUR 29m), contributed to the increase.
The packaging firm has an eye on expanding its operations in the US, having paid USD 150m in June for Macro Plastics (Fairfield, California / USA; www.macroplastics.com), which added three new US manufacturing locations in Kentucky, Washington State and California to its portfolio. One51 said it had “invested heavily” in its North American business, while it sold its UK and Irish-based specialist environmental services operations in order to focus on its core plastics activities.
The firm also announced it was to revisit the possibility of an initial public offering (IPO) and stock market listing “in the next 12 to 18 months,” citing a desire to raise funds for the group and provide shareholders with greater liquidity. One51 had proposed a stock market listing last year, however, after talks with “certain shareholders” it said it had decided not to proceed.
Alan Walsh, One51’s chief executive, said the decision to revisit an IPO was due to “the significant progress in the business.” He said the group’s IPL division in both the US and Canadian markets continued to perform ahead of expectations, while in Europe, UK earnings were in line with expectations despite being adversely affected by the fall in the value of sterling, following last year’s referendum vote to leave the EU.
Last month the firm’s chairman, Denis Cregan, retired after holding the position since the end of 2012. His interim replacement is Hugh McCutcheon, who has been on the One51 board since January 2015.
The packaging firm has an eye on expanding its operations in the US, having paid USD 150m in June for Macro Plastics (Fairfield, California / USA; www.macroplastics.com), which added three new US manufacturing locations in Kentucky, Washington State and California to its portfolio. One51 said it had “invested heavily” in its North American business, while it sold its UK and Irish-based specialist environmental services operations in order to focus on its core plastics activities.
The firm also announced it was to revisit the possibility of an initial public offering (IPO) and stock market listing “in the next 12 to 18 months,” citing a desire to raise funds for the group and provide shareholders with greater liquidity. One51 had proposed a stock market listing last year, however, after talks with “certain shareholders” it said it had decided not to proceed.
Alan Walsh, One51’s chief executive, said the decision to revisit an IPO was due to “the significant progress in the business.” He said the group’s IPL division in both the US and Canadian markets continued to perform ahead of expectations, while in Europe, UK earnings were in line with expectations despite being adversely affected by the fall in the value of sterling, following last year’s referendum vote to leave the EU.
Last month the firm’s chairman, Denis Cregan, retired after holding the position since the end of 2012. His interim replacement is Hugh McCutcheon, who has been on the One51 board since January 2015.
01.09.2017 Plasteurope.com [237800-0]
Published on 01.09.2017