Business Irish

Monday 23 September 2019

Cpl plans further expansion as profits increase

Anne Heraty, CEO of Cpl Resources. Photo: Douglas O’Connor
Anne Heraty, CEO of Cpl Resources. Photo: Douglas O’Connor
Ellie Donnelly

Ellie Donnelly

CPL Resources is planning further international expansion as it reported record earnings for the 12 months to June 30.

The group, which saw its net fee income increase 16pc to €96.3m, will continue to focus on the European market.

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“We have offices across Europe, and we have opened in the US about 15 months ago. We will continue to focus on the European market, but also looking further afield. We are just evaluating now which markets to put investment in,” said Cpl chief executive Anne Heraty.

Continued growth was reported across all segments, with its flexible talent division, which mainly covers people on temporary or specialist contracts, now representing 71pc of gross profit.

With just 50 days until the UK is due to leave the European Union, Ms Heraty said the market in Britain was “definitely a bit tougher”, however to date Cpl had benefited from the amount of foreign direct investment into Ireland.

“As long as the terms of the UK’s planned departure from the EU remain unclear Brexit will continue to give rise to uncertainty for businesses in all sectors, including our own,” Cpl said. “We will continue to monitor developments closely and assess and respond to their implications for our business.”

Elsewhere, with increasing competition in the recruitment market, the company is differentiating itself through investment in its people and technology, Ms Heraty said.

However, she added that artificial intelligence, which helps the business source staff, would never completely replace the role of humans in the sector.

“We were very early investors in technology and AI, which helps us source from a search point of view. But I am a key believer that you always need the human interface in recruitment, especially when it comes to the final match,” she said.

Profit before tax at Cpl increased 33pc to €24.6m in the 12-month period. The performance was helped by an 8pc increase in revenues to €564.9m, according to annual results from the group.

Meanwhile chief operations officer and deputy CEO Mark Buckley is to leave the business to pursue other opportunities.

Last year, the group hit the headlines when a Channel 4 ‘Dispatches’ documentary showed members of its staff who were working for Facebook being instructed not to remove extreme, abusive or graphic content from the social media giant’s website – even though the material breached guidelines.

There has been no sign in the results and trading updates of an impact on the business as a consequence of the documentary.

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