CPL to post pretax profit of more than €3.8m

RECRUITMENT GROUP CPL Resources expects to deliver pretax profits in excess of €3.8 million for the six months to the end of December, as market conditions show gradual improvements.

The first quarter of CPL’s financial year to September 30th, 2010, was “encouraging”, chairman John Hennessy told shareholders at the company’s annual general meeting yesterday.

Speaking after the agm, chief executive Anne Heraty said that business had picked up in the last few months, mainly in the IT sector. CPL’s businesses in Central Europe have also held up well.

“In Ireland, I would say there has certainly been some pick-up in permanent jobs,” she added.

Many of these positions have been in the foreign direct investment space, particularly in the financial services area. A number of hedge funds have entered the market, while other companies have set up their corporate headquarters here.

“While the jobs aren’t as big in volume terms, they’re very good quality jobs,” she said.

“What you’re finding is there’s a need for specialist people,” commented Mr Hennessy. “In other words, you could look at the overall jobs market and you might not see much of a rise, [but] if you are looking at the specific areas where there are specific needs . . . there’s demand there.”

He told shareholders it was not possible to forecast CPL’s performance for 2011 because of uncertainty in the economy. Its share price rose five cent to €2.25 on the Irish stock market yesterday.