Strong revenue growth boosts CPL profit

Recruitment firm CPL Resources today posted a 7 per cent rise in full-year profits on the back of a strong growth in revenue which increased by almost a third.

Net income for the year to June 30th increased to €18 million, or 48.3 cents a share, from €16.8 million, or 45 cents share a year earlier, the Dublin-based company said in a Regulatory News Service statement today.

Revenue rose 32 per cent to €257.6 million. "It has been a year of two very different halves," chairman John Hennessy said in the statement. "

The group has been operating in a changing and more difficult environment, reflecting a significant decline in employment growth in Ireland."

Revenue for the full year was boosted by the takeover of health-care recruitment firm Alliance Personnel in July 2007.

CPL rose 1.5 per cent, or 3 cents, to €1.95 euros in trading,on the Dublin market today giving the company a market value of €72.5 million.

The stock has lost 60 per cent this year.

Bloomberg