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Jobs company CPL announces leap in profits

CPL, the recruitment group, has reported pre-tax profits of €8.1m for the year to the end of June.

This is a 54pc increase on the previous year.

This came as revenue rose by 24pc to €235.3m, while operating profits jumped by 81pc to €7.2m.

The final dividend of 2.5 cent gives a 25pc higher total of five cent for the year.

Chairman John Hennessy also announced plans to return up to €20m of surplus capital to shareholders, through a tender offer to shareholders at €3 a share.

According to CPL, the growth had been achieved at a time of continued economic uncertainty in Ireland and other markets, with significant pressure on its prices and margins.

The company said there appeared to be a "two-speed" economy, with skills shortages in areas such as technology and very few opportunities in traditional areas such as constructions.

Fees from permanent placements rose by 46pc, while fees from temporary placements were up 22pc..

CPL said it expected further profitable growth in the six months to the end of December.