CPL pre-tax profits up 7%

Recruitment group CPL has reported pre-tax profits of €20.7m for the year to the end of June, up 7% on the previous year. A significant portion of this came from a strong first-half, as profits were down by almost 24% in the first six months of 2008.

Chairman John Hennessy said CPL had experienced a year of two very different halves: “The Group has been operating in a changing and more difficult environment, reflecting a significant decline in employment growth in Ireland and an increase in the numbers on the live register.”

Commenting on the group’s performance CPL chief executive, Anne Heraty, said: “Permanent placement is the part of our business most affected by the economic environment and as a result fees generated from permanent placement for the group declined by 18% in the second half of the year. All divisions with the exception of our overseas offices have been affected by the slowdown; banking, construction and manufacturing have experienced the most severe impact.”