Half yearly revenues at CPL Resources up by 14%

Thursday 30 January 2014 17.52
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CPL Resources continues to see some 'positive momentum' in its main markets
CPL Resources continues to see some 'positive momentum' in its main markets
Anne Heraty - CPL's CEO - expecting further growth in the second half of its fiscal year
Anne Heraty - CPL's CEO - expecting further growth in the second half of its fiscal year

Recruitment group CPL Resources has reported a strong set of results for the first half of its trading year to the end of December. 

CPL said its revenues rose by 14% to €184m for the six month period, while profits before tax grew 17% to €7m. 

The company said it will pay an interim dividend of 4.75 cent per share, an increase of 19% on the same time the previous year. 

CPL said it continues to see some "positive momentum" in its main markets, although it cautioned that significant economic challenges remain in many of these markets.

The company noted that while there is a general oversupply of people available for work, there is a shortage of specific skills that are in demand.

CPL said that many companies are still opting for temporary employment, which allows them to recruit workers based on the changing demands of their business. Revenues generated from temporary assignments amounted to €1742m, up 13% over the same time last year. 

The company said that gross profits generated from permanent placements jumped by 34% to €100m. It noted strong growth in its international business, with 40% of its permanent fees now generated outside of Ireland.

Chairman John Hennessy said the company expects further profitable growth in the second half of its financial year.

"Recent months have seen some indicators in our principal markets move tentatively into positive territory. We see opportunities for growth but we still face challenges in many markets arising from economic uncertainty and competitive pressures," Mr Hennessy said. 

"Our strong financial position provides use with the resources to capitalise on growth opportunities as they arise," he added.