CPL's half-year profits rise 35%

Growing demand for temporary and contract workers helped to lift CPL's profits by 35 per cent to €941,000 in the six months to December 31st.

The profit growth came as turnover climbed by 48 per cent to €34.7 million in what the recruitment company called "a competitive and changing market".

Chairman Mr John Hennessy said the remainder of the firm's financial year was likely to bring "a continuation of the challenging environment of the recent past" but added that CPL was "well positioned to take advantage of any upturn in the sector".

CPL's chief executive and founder, Ms Anne Heraty, said the firm would look for more growth in the temporary and contract market going forward. She believed this business held much potential as long as the economy remained "unpredictable" and companies are reluctant to invest in longer- term employees.

Ms Heraty, who owns 80 per cent of CPL with her husband and co-founder, Mr Paul Carroll, estimated yesterday that the placement of temporary and contract workers now accounts for about 52 per cent of profits, compared with 20 per cent when the company floated in 1999.

Asked about CPL's commitment to retaining a stock-market listing with so little free-float in its shares, Ms Heraty said the firm was "constantly reviewing" its strategy.

CPL will pay an interim dividend of 0.4 cents per share, thus raising some €116,800 between Ms Heraty and Mr Carroll.

The company rose five cents to 80 cents yesterday.