Investment company One51 returned an after-tax profit of €7.1 million last year, its first after-tax profit since 2006.

The company had reported a loss of €116.1 million in 2012 and said the turnaround was achieved while reducing net debt by 54.6 per cent to €40.3 million.

One51's investments include several waste management assets, the Irish Pride bakery and a 23.8 per cent shareholding in NTR.

The company has just completed a two-year action plan focused on the disposal of non-core assets.

Group turnover fell by 12.8 per cent last year to €301.6 million, reflecting this disposal programme, it said.

One51 recorded earnings before exceptional items of €20.3 million in 2013, up 11.8 per cent on the previous year.

Chief executive Alan Walsh said: "The turnaround in our fortunes which has accompanied the completion of the two-year action plan set out to shareholders in 2011 puts the group in a position to focus on growth and increasing shareholder value."

One51 continued to perform to expectation during the first quarter of 2014, the company said.

“The focus has now shifted to the growth of shareholder value and the optimal future capital structure,” it added.

Last year, the company agreed a new four-year €75 million bank loan with its lenders. The group also disposed of its non-core shareholding in UK hazardous waste management company Augean for net disposal proceeds of €9 million.