One51 to sell assets to reduce debt

One51 is to sell assets to pay down company debt, shareholders were told at today's annual general meeting in Dublin.

"Any sales will be done in a realistic timeframe in order to achieve maximum value," interim chief executive Alan Walsh said at the first AGM since former chief executive Philip Lynch was ousted by the company earlier this year.

A two-year action plan has been approved by the board, which has recently conducted a comprehensive review, with management, of each component of the company.

This will involve improving the performance of the group's operations, reducing costs and improving free cash flow, the company said.

The investment company, which last month reported a €106 million loss for 2010, said today that operating profit will be lower in 2011 than last year. It said the second half of the year will be "challenging", though sales in the first half of 2011 rose to €218 million.

One51's investments include NTR, Irish Pride, Irish Continental Group and Greenore Port.