Business Irish

Thursday 23 February 2017

CPL eyes more buys as revenue rises to €369m

Paul O'Donoghue

CPL boss Anne Heraty
CPL boss Anne Heraty

Irish recruitment company CPL Resources is interested in making further acquisitions after reporting a strong set of full-year results that saw revenue rise by 6.6pc.

Revenue rose from €369.2m to €393.6m while gross profit was up 7.3pc to €58.7m compared to €54.7m the year before.

Pre-tax profits fell by 2.1pc to €14.1m from €14.4m the year before. This was mainly attributed to the spend on investment in the first half of the year.

The company also announced it has acquired a near 90pc stake in UK recruiter Clinical Professionals. The deal is worth €8m of which €5.1m has been paid with the remainder contingent on certain targets being met.

CPL chief executive Anne Heraty said the firm would continue to look abroad for suitable expansion opportunities. "We would always prefer organic growth but we will continue to look at acquisitions." When asked where the company would look, she said: "The UK, which is a great market for us, and we also have a strong business in Eastern Europe."

Analysts reacted positively to the CPL's results and shares in the firm were up by 8.7pc in Dublin trading yesterday.

Irish Independent

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