CPL on course to meet targets

Irish recruiter CPL Resources has said good growth in the second half of its financial year has led to it anticipating full-year profits that meet previous estimates of around €13m.

In a pre-close trading update CPL said its balance sheet remains strong, with cash balances of €30m as of the end of last month.

The Dublin firm is due to publish figures for the 12 months to the end of June in early September.

CPL’s update noted the group’s revenue and profitability increases in its last financial year.

“Since then, the group has continued to perform well, with growth in our revenues and gross profit, year on year. We have continued to invest for future growth, and our headcount is 5% higher on the prior financial year,” CPL said.

“We expect our profit before tax for the year to June 30 to be in line with market expectations of approximately €13m.”

The better-than-expected performance was driven by improved consultant productivity, which helped permanent placement growth and better conversion of net fees.

“CPL’s short trading statement is reassuringly robust. A strong second half, which sees profit before tax improve sequentially from €6.05m in the first half to around €7m, is an encouraging early endorsement of CPL’s ongoing operational investment, and its internal focus on improved consultant productivity and earnings conversion,” said Ross Harvey of Davy Stockbrokers.

“The re-establishment of earnings growth should catalyse a rethink of CPL’s investment credentials, and after an approximate 15% decline in the year to date, we think that both its earnings and re-rating potential are being overlooked.”

CPL’s statement provides further positive momentum in the jobs arena. London-based Robert Walters this week highlighted Ireland as a stand-out performer in international business. The British recruiter, which has offices on all continents, reported an 11% year-on-year jump in group gross profit for the second quarter of the year, to £60m (€85m).


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