Profits at recruitment firm CPL jump 26pc to €12.3m
DUBLIN based recruiter CPL saw profits jump by more than a quarter over the last twelve after growth in its permanent placement business.
In the year ending in June, pre-tax profits at CPL jumped 26pc to €12.3m. Sales were up 14pc to a record high of €330.8m.
The company, which is listed on the Irish Stock Exchange, said that demand had surged both for temporary staff and permanent appointments.
Fees from permanent placements grew by 16pc and gross profit from temporary placements surged 11pc, despite continuing downward pressure on margins.
Growing demand for staff was highlighted in technology, healthcare and finance.
“Labour market forecasts suggest a Europe-wide shortfall of 700,000 tech professionals by 2015 and a shortfall of 500,000 engineers by 2020” said chief executive Anne Heraty, a former Anglo Irish Bank non-executive director and Ernst and Young Entrepreneur of the Year.
“Qualified immigration to the EU is being called for as part of the solution. The demand for healthcare professionals has also been constantly increasing. By 2020, almost 1.6m healthcare professionals will be required, mostly to replace existing people who leave or retire from the workforce.”
Her company established a new training unit during the year, CPL Learning and Development.
It finished the year with 8,223 people out working on its behalf for clients, an increase of 5pc.
“Although visibility remains limited, we believe that if current trends continue, CPL should be able to deliver low-double-digit percent pre-tax profit growth, increase its net cash position and drive a higher conversion ratio in 2014” said Dublin stockbrokers Davy.
CPL’s board is recommending a final dividend of 4.5 cents per share, which will bring the total dividend for the year to 8.5 cent per share payable on November 4 to shareholders on the company's register at the close of business on October 11.