Profits at plastics manufacturer One51 grew 12 per cent to €5.1 million in the first six months of the year, figures released on Friday show.

One51 said that revenue for the first half of the year rose 10.2 per cent to €141.9 million from €128.7 million during the same period in 2014.

First-half profit increased by more than 12 per cent to €5.1 million in 2015 from €4.5 million last year.

Earnings before tax, interest and write-offs - a measure of the cash generated by the company - grew 23 per cent to €13.3 million from €10.8 million.

The figures show that the group slashed net debt by almost 60 per cent to €14.5 million from €34.3 million.

London-based private equity player, Capvest, approached the group late last month with a possible €1.80 a-share offer.

One51’s statement said that there had been “no further developments with respect to this possible offer”.

Chief executive, Alan Walsh, said the first half had been a solid six months for the group.

He noted that it had halved the interest rate it is paying on its debts and integrated its recent acquisition, Straight, into the business.

“Since period end, the acquisition of our 67 per cent stake in IPL has further developed our strategy of growing our plastics division through both organic investment and acquisition,” he said.

One51 is due a payout from the NTR - in which it has stake - from the sale of its wind farms.

One51 specialises in plastics manufacturing and hazardous waste recycling.