CPL: Slow recovery underway

Recruitment firm CPL is cautiously optimistic that a slow recovery is underway in the Irish economy.

The company said however that it doesn't see any sign of significant employment growth in Ireland until 2011.

In an interim trading statement issued to the stock exchange this morning the company said it had remained profitable throughout 2010 to date despite a difficult operational backdrop.

It expects profit for the year to June 30 to be broadly in line with market expectations and said its balance sheet remains very strong.

"The economic environment in the markets in which we operate has been very challenging for the last two years," CPL said.

"We are now beginning to see signs of some limited improvement in those markets. However, employment in the Irish economy is still declining and sequential employment growth is not expected to resume until the second quarter of 2011.

"The immediate future therefore remains uncertain, but we are cautiously optimistic that a slow recovery has begun in the markets relevant to our business."

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