CPL eyes Euro expansion as profits surge 45%

RECRUITMENT firm CPL Resources has booked a 45% rise in first-half profits.

The company run by husband and wife team Ann Heraty and Paul Carroll, said pre-tax profits in the six months to end December 2007 came in at €11.7 million, compared with €8m in the first half of its 2006 financial year.

Revenues for the six months were up by 40% to €132m as the company said it saw strong demand for employees in the IT, telecoms and finance sectors.

“Our contractor and temporary fees have increased by 50% over the same period last year, reflecting growth in demand for non-permanent staff across all sectors. In particular, light industrial and healthcare have been strong growth areas. CPL paid more than 5,000 temps and contractors in December 2007,” the company said in a statement.

The company said it plans to expand its operations further into Europe. CPL has offices in Prague, Bratislava and Warsaw: “Our intention is to grow a dynamic recruitment company in the Central European region and continue to investigate and avail of opportunities to expand operations abroad.”

Shares in CPL fell by more than 5% yesterday despite the company saying business is expected to perform well in the coming months.

The company planes to pay an interim dividend of 2.5 cents per share. Earnings per shares for the half year were 27.4c.