As it unveiled solid full-year results yesterday, recruitment firm CPL Resources announced it had acquired a 90% stake in a UK life sciences and pharmaceutical equivalent.
CPL has paid €5.1m of a potential €8m for Clinical Professionals Limited which bears the same initials as its new parent.
The remainder of the fee is dependent on certain targets being achieved.
“The employment market continues to improve with skills shortages in some key sectors,” said chief executive Anne Hegarty.
“We are delighted to join forces with the talented people from Clinical Professionals who we are welcoming to CPL today.
“The team have expertise and a strong international presence recruiting for the pharmaceutical, biotechnology and life sciences industry.
"Together we believe we will increase our search and recruitment capability for the benefit of our candidates and clients.”
Clinical Professionals Ltd includes the Only Medics and Regulatory Professionals brands.
The company recruits for a range of pharmaceutical roles across Europe, including the UK, Germany, and France.
The acquisition was announced as CPL reported its full-year results which showed both revenues and gross profits increased in the 12 months to the end of June.
Revenue climbed by more than 6.5% to €393.6m, while gross profit increased to €58.7m, up 7.3% on 2014.
Pre-tax profit dipped 2.1% to €14.1m, and came on the back of an 11% increase in operating costs to €44.7m as a result of investments made in the first half of the year.
CPL chairman John Hennessy said: “I am pleased to report that the 12 months ended June 2015 has been another year of growth for CPL.
"Economic indicators in our main markets are positive, and we have invested in strengthening our team and our systems to allow us to meet demand as these markets continue to recover and grow.
“2015 marks the 25th anniversary of the establishment of CPL.
"Over that period we have grown from small beginnings to become Ireland’s leading provider of people and employment services to business, with significant operations overseas, and we expect to continue to achieve growth in our business in the years ahead.”
Earnings per share were down 1.3% at 40.2c, while the dividend was maintained at 9.75c per share for the full year.
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