CPL reports 83% rise in profits

Employment services company CPL has reported an 83 per cent rise in pretax profits to €10.6 million in the year to the end of June boosted by a surge in permanent placement and contractor fees.

During the year the company posted a 41 per cent increase in sales to €148 million and a 40 per cent rise in net fee income to €28.2 million.

Announcing its annual figures yesterday, CPL chief executive Anne Heraty said its sales growth was almost entirely organic and followed a similar increase in the previous year.

"We are delighted with the performance of the year. We continued to invest in expanding each specialist brand and on growing our teams of recruitment consultants. We believe we are well prepared to take advantages of changes in the marketplace and to deliver exceptional solutions to our clients," she said.

The company has declared a final dividend of 1.5 cent per share bringing the full year dividend to 2.9 cent per share, compared to 1.8 cent last year. Earnings per share rose by 81 per cent to 25.1 cent.

CPL chairman John Hennessy said its increased revenue and gross profit relected substantial increases in profitable activity across all sectors and markets and a strong performance from its placement of contract, temporary and permanent employees with clients.

CPL provides recruitment and employment services to companies in the technology, accounting and finance, healthcare, pharmaceutical, sales and office administration sectors.

The group had cash balances of €21.3 million, up €9.6 million on the same period last year.

CPL is quoted on the IEX.