Recruitment firm CPL has reported record results for the year ending June 30, 2005. Pre-tax profits jumped by 112% to €5.4m from €2.6m in 2004, while sales rose by 42% to €105m from €73.9m, breaking through the €100m mark for the first time.
Earnings per share rose to 13 cent, up 117% from the six cent figure in 2004.
CPL Chairman John Hennessy said that the group's ability to generate growth and profits is closely linked to the performance of the Irish economy, and he said it had benefited from growth in most of the sectors in which it operates - including technology, accounting and finance, healthcare, sales, engineering, light industry and office administration.
He said that the company is facing the new financial year in excellent financial and operational shape. 'We experienced good trading conditions during the year in all of our business sectors and we are very well positioned to take advantage of continued growth in the economy,' he said.
'The new financial year has started strongly, and, although new business challenges always present themselves as each year progresses, we are optimistic that the foreseeable future will give us continued opportunities for growth,' he said.
During the year, the company launched the new BroadReach International and Executive Search and Selection services and also opened a new Midlands office in Mullingar. The number of recruitment consultants rose by 20% to 160.
'Employment growth last year in Ireland was strong and this trend looks set to continue,' commented CPL's CEO Anne Heraty. 'The current year has started well and our pipeline of new clients is solid'.
She said that the company's cash reserves put it in a strong position to target both organic growth in 2006 and explore potential acquisition opportunities in Ireland and further afield.
CPL shares jumped 7% to close at €2.32 in Dublin.
