CPL Resources favours organic growth strategy

CPL Resources favours organic growth strategy

Publicly-quoted recruitment group CPL Resources has said it is favouring an organic - rather than acquisition-led - growth strategy despite seeing a near 66% increase in its net cash balance in its latest financial year.

CPL closed the year to the end of June in a net cash position of €40.1m, up from €24.2m 12 months previously. The company said yearly revenues grew by 8% to just under €565m and pre-tax profit jumped 33% to €24.6m.

The company said the cash requirements of its flexible talent unit - which covers managed solutions, temporary and contract recruitment - are increasing, but that while the group remains cash generative it is prioritising organic expansion and will remain selective in acquisition strategy.

"We prioritise organic expansion and are selective in our acquisition activity, making acquisitions only where we perceive a strong fit with our existing business or to drive innovation in our organisation," chairman John Hennessy said.

CPL said trading in the current financial year has started well, but that it is mindful of the macro-economic challenges posed by Brexit uncertainty.

"As long as the terms of the UK's planned departure from the EU remain unclear Brexit will continue to give rise to uncertainty for businesses in all sectors, including our own," Mr Hennessy said.

"Aside from the risks posed by Brexit uncertainty, economic indicators in our most important markets are broadly positive, and we expect to achieve further profitable growth in the months ahead," he said.

More in this Section

Facebook suspends ‘tens of thousands’ of appsFacebook suspends ‘tens of thousands’ of apps

Walmart to stop selling e-cigarettes at its US storesWalmart to stop selling e-cigarettes at its US stores

Applegreen to retain non-core UK hotels businessApplegreen to retain non-core UK hotels business

Mainstay Medical eyeing late 2020 US commercialisation approvalMainstay Medical eyeing late 2020 US commercialisation approval


Gráinne Healy only started running regularly a few years ago. She’s already completed 50 parkruns. She tells Rowena Walsh what motivates her.Ageing with Attitude: Parkruns and quiet Friday nights

Against popular wisdom and flying a plane made from bamboo, wire and bike handlebars, a Co Antrim woman blazed a sky trail for aviation and for the independence of women, writes Bette BrowneMagnificent Lilian Bland blazed a trail for independence of women in her plane of bamboo

The epic battle for the bridge at Arnhem, as depicted in the blockbuster 'A Bridge Too Far', saw the Allies aim to end the war by Christmas 1944, but failed as a huge airborne assault force failed to take the last bridge across the Rhine. In an extract from his latest book 'A Bloody Week', Dan Harvey tells the story of one of the hundreds of brave men from Ireland who gave their all to the Allied campaignThe bridge to war: Dan Harvey's new book looks at the Irish who went a bridge too far

Several days ago, the long-awaited sequel to Margaret Atwood’s The Handmaid’s Tale was released.Lindsay Woods: I have always consumed books at a furious pace

More From The Irish Examiner