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One51 slash debt by over a half to E40m

Monday, January 27 11:18:20

Alan Walsh-led investment group, One51, today said that it has slashed its debt pile from E88.9m in 2012 to E40m now and has recently agreed a new E75 million bank facility for a 4 year term to January 2018.

In a note to shareholders today, it said its trading performance for 2013 exceeded expectations.

One51 will focus its future development on its Plastics and Environmental Services businesses while continuing to manage its investments for maximum value, it added.

It said that the new bank financing arrangement is a result of the successful restructuring, performance improvement and portfolio rationalisation measures implemented by the Group over the past two years.

"The terms of the new bank facility are competitive in the current banking environment and will result in significant savings in interest costs to the Group. The new facility also provides the Group with a secure base for the Group's financing needs over the coming years. This is a very positive development for the Group and we are pleased to retain the support of our core banking group who have been lenders to One51 since 2006," the statement said.

Last year, One51 disposed of its non-core shareholding in Augean plc for net disposal proceeds of E9 million.

"One51 is now in a more robust position than at any time over the past number of years. The substantial restructuring and portfolio rationalisation programme carried out under the two year Action Plan announced in 2011 has been successfully completed. The Group's net debt position has been reduced to conservative levels with long term bank financing arrangements for existing operations now in place," said CEO, Mr Walsh.