Thursday 22 February 2018

CPL improves its payout as profits rise to €36m

CPL said the market for temporary workers remained
CPL said the market for temporary workers remained "highly competitive" but that there had been a moderate improvement in the sector. Stock image

Sean Duffy

Irish-listed recruitment company Cpl Resources is to pay shareholders a dividend of €5.75 per share after announcing that revenues hit €228m in the first six months of the company's financial year.

Cpl's gross profit increased to €36.2m over the period, which represented a rise of 6pc.

Operating profit, which excludes foreign exchange charges and executive compensation schemes, came it at €9m in the six months to December. Profit before tax was €8.1m, a rise of 7pc compared to the previous year.

Cpl announced a 9pc increase in earnings per share over the period, and added that bonus payments to executives were set to amount to €0.4m after performance targets were met.

The company said that the proportion of income generated by permanent contracts had dropped from 40pc to 37pc due to regulatory changes for nursing in the UK.

In a statement, the company said the market for temporary workers remained "highly competitive" but that there had been a moderate improvement in the sector.

The group had a cash balance of €35.2m compared to €27.6m a year previously.

Cpl said global political and economic events during the period had limited impact on its key sectors, with the exception of foreign exchange transactions.

However, the company warned that the longer-term effects would become clear in 2017.

"We remain confident in the outlook for the business and expect to deliver continued profitable growth for the remainder of the financial year," said Cpl ceo Anne Heraty.

Shares in Cpl were up 1.7pc on Dublin's iseq index following the announcement.

Irish Independent

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