ISEQ surges forward

The ISEQ-index of Irish shares has continued its surge into positive territory with a 13.64 point increase this morning to 9449.13.

Shares at CPL shot up 30c or 4.65% on foot of reports that the company has maintained its forward march, increasing its profits before tax throughout 2006.

The recruitment company today released its interim statement for the six month period to December 3, 2006 reporting a jump in profits before tax across all its businesses, increasing total revenues by 42% to €94m.

With income outpacing costs, pre-tax profits rose by 75% to more than €8m.

This growth has been particularly positive for investors as it follows a 86% increase in profit before tax in the previous year.

Acquisition news at the company has also ignited a flurry of activity on the trading floor as it announced it is to take over 75% of share capital of Key 6 Business Solutions from the founder, Enda O'Coineen's through his Mozart Investment fund.

Key 6 Business Solutions is a Czech company registered in Prague which in turn owns 100% of Key 6 Business Solutions established in the Slovak Republic.

In a statement from CPL the group outlined plans to expand and develop its business in the Central European Region.

"Key 6 Business Solutions currently has offices in both the Prague and Bratislava and the company's vision is to grow and develop as a dynamic recruitment company in the Central European region."

Elsewhere, it was mixed morning for the financial heavyweights as Anglo Irish Bank was the only institution to venture into positive territory with a 20c jump to €16.29.

Meanwhile Bank of Ireland and IL&P fell by 7c and 8c to €17.30 and €21.10 respectively.

Also on the downward spiral AIB fell 2c too €22.65.