Shares in recruitment firm CPL Resources fell sharply on the Dublin market this morning after the company issued a profit warning on the back of a drop in the recruitment of permanent staff.
At 9.30am shares in CPL were down over 27 per cent at €2.60 having shed 100 cents.
In a statement to the stock exchange, CPL said the reduction in economic growth has had an "adverse effect on many of the markets in which CPL operates".
"As a consequence, CPL now expects its profit before tax for the year to June 30th, 2008 to be approximately 15 per cent below current market expectations."
CPL said it would update the markets in advance of that date.
In January CPL reported a second half of 2007, largely on the back of strong demand for permanent workers.
Revenue at the firm rose 40 per cent to €132 million during the six months ending on December 31st, while gross profit climbed to €27.8 million.
Profit before tax increased 45 per cent to €11.7 million, with earnings per share rising to 27.4 cent.
CPL has offices in Prague, Bratislava and Warsaw, and earlier this year it acquired 75 per cent of Czech-based Key 6 Business Solutions.
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