Recruitment group CPL Resources has reported pre-tax profits of €5.3m for the year ending June 2010, an improvement on the €1.7m reported the same time last year.
But revenues fell by 11% to €189.9m from €212.4m against what the company called the most severe labour market conditions and operating environment in its 20-year history.
The company announced a dividend of four cent per share, up from last year' dividend of three cent.
CPL said that it was experiencing a gradual, but noticeable, improvement in its markets. It said that it was cautious about the short term outlook, but optimistic about its longer term opportunities.
'With the severity of the recession many employers have had to make deep and painful cutbacks in their workforce,' commented the company's CEO Anne Heraty.
'We believe they are now finding that they may have cut too deeply and need to hire again, particularly in specialist areas. In addition, some employers are seeing an opportunity to build capability in their businesses, taking advantage of what is an exceptionally good time to hire talented people,' she added.
During the year the company said it placed over 2,500 in permanent jobs. It said its overall net fees from permanent placement were down 36% in the year to June, but this is an improvement from the 51% drop the previous year. The first half of the year was 'exceptionally difficult', however there was an increase in demand in the second half.
Fees generated from temporary assignments continued to be more resilient than fees from permanent placement and now represent 72% of group fees.
In the 12-month period, it also bought four companies - business process outsourcing firm Ecom Interaction, health and safety trainers Nifast, construction contracting firm Techstaff International and home care and health care staffing firm Servisource.
Shares in the company closed down more than 2% at €2.35 in Dublin.
