One51 had 12 "key operating subsidiaries" at the end of last year, half of which were acquired in a €49.3 million spending spree during 2006.

Since the start of 2007, the group has further enlarged with the purchase of 95 per cent of Resmar, a Swiss-based group involved in electronics recycling.

It has also bought Shannon-based Thormac Engineering, Country Waste Management, based in Croydon, England, and Reclamet, a vehicle recycler based in Kent, England.

The group's annual report reveals that it is "well-placed to deliver optimum shareholder value".

One51's "strong growth rate" prompted the company to split itself into five divisions last year, with turnover of €121.9 million drawn from three of these.

The group's recycling and treatment wing and its food arm contributed sales of slightly more than €55.6 million, with the plastics division recording sales of almost €11 million.

The group also has an infrastructure arm which takes in its 50 per cent stake in Greenore port in Co Louth. This interest brought in an operating profit of €888,000 last year, although this was cancelled out at group level by an exceptional charge of €874,000 linked to a "reorganisation and restructuring".

One51 completed a rationalisation programme at its Irish Pride bread subsidiary in 2006. The group's food business has, to date, been dominated by the Irish Pride interest but some expansion came in 2006 with the acquisition of distribution rights for LifeFibre, a health food bread brand.

One51's business was primarily Irish last year, with €111.5 million in turnover coming from the Republic and the remainder from the UK.

The annual report does not provide details of One51 Capital, the investment arm that is bidding €560 million for Irish Continental Group in conjunction with the Cork-based Doyle shipping group. This capital division, which is managed centrally by One51's executive management team, owns a 25.52 per cent stake in NTR which is worth some €320 million.

It also includes a 26.89 per cent holding in Aim-listed recycler, Augean plc, a small position in Thirdforce and almost 10 per cent in financial services firm, IFG.

Shareholders in One51, who include a number of co-ops around the Republic, have thus far been largely unable to realise a financial return for their investments. This is expected to change shortly with the commencement of an informal "grey" market in the firm's shares.