Thursday 8 December 2016

Cpl Resources reports record year as firm eyes Brexit opportunities

Published 02/09/2016 | 02:30

Chief executive Anne Heraty, pictured with Cpl Northern Ireland ceo Áine Brolly, said investments of past months have paid off
Chief executive Anne Heraty, pictured with Cpl Northern Ireland ceo Áine Brolly, said investments of past months have paid off

Revenue at Irish recruitment firm Cpl Resources soared by €39.7m over the last 12 months as the company reported a record year.

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Cpl posted 10pc increases in both revenue and operating profit, rising to €433.3m and €15.4m respectively.

In his company outlook Cpl chairman John Hennessey said Britain's decision to leave the European Union presented both opportunities and challenges for the firm and tipped "modest" economic growth in the company's main markets.

"Economic indicators, including employment trends, are currently broadly positive in our principal markets. Our industry remains highly competitive, and our continued growth is sensitive to events affecting the wider European and global economies," Mr Hennessey said in a statement.

Earnings per share at Cpl increased to 43.9c with the firm setting a total dividend per share of 11c, up from 9.75c on the previous year.

Cpl also reported strong rises in the commission in demands for people switching roles. The company said demand grew across most sectors in both permanent and part-time switching with fees increasing by 21pc and 18pc respectively.

The firm's balance sheet has improved year on year, reporting net cash of over €33m and net assets of in excess of €93m.

The company also spent €4m in relation to its acquisition of Irish recruitment firm Clinical Professionals in September of last year. Chief executive Anne Heraty praised the company's investments over the last year.

"The investments we made over the past 18 months in people, in technology and in our talent innovation hub are paying off," Ms Heraty said.

"We are committed to delivering outstanding service to our clients and candidates, supporting them to succeed in a changing environment.

"I am particularly pleased that we ended the year with in excess of 12,000 people working with or on behalf of Cpl, an increase of over 1,700 in the year," she said.

Ms Heraty has recently heralded the death of the 'job for life' saying workers are going to need to become more flexible to change.

Irish Independent

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