Irish recruitment firm CPLl Resources (CPL: ID) reported revenue for the full year ended 30 June 2017 with revenue of €455.2 million, an increase of 5% compared to €433.4 million last year.

Profit before tax for the full year increased by 3% to €15.7 million compared to the previous year.

“The demand for talented temporary staff among our clients grew at a stronger pace than for permanent employees across most sectors during the year, with temporary fees growing by 12%,” the group said in a statement. “The demand for permanent staff was adversely affected by changes in regulation in the healthcare sector and concerns about Brexit, which slowed recruitment decisions by certain employers. Our profit before tax is modestly ahead of the prior financial year, which, in light of the changed mix of business between temporary and permanent recruitment in the year, is a positive performance.

During the financial year, the group announced the appointment of Mark Buckley as the company's chief operating officer and deputy chief executive. In March 2017, Colm Long was appointed to the Board as an independent non-executive director. Furthermore, the group acquired 91% of RIG Healthcare Group, a specialist healthcare recruiter in the UK.

CPL Resources also announced that Lorna Conn has been appointed CFO of the CPL Group which will come into effect on October 2017

“We made further strategic progress with the acquisition of RIG Healthcare Group,” Anne Heraty, CEO of CPL Resources, said. “This is CPL's first entry into the locum doctor market and enhances the company's operating presence in the UK, following the acquisition of Clinical Professionals in September 2015.”

“We will continue to invest wisely to capture opportunities for growth,” Heraty said. “CPL has a strong balance sheet with net assets of €103.7 million generated over the 27 years of continuous profitability. We believe our balance sheet and strong cash flows give us the resources to invest in the growth and expansion of our business while also returning capital to shareholders. We continued to grow our international footprint opening offices in Munich and Boston during the year. We now have over 40 offices in 10 countries. These offices provide CPL clients with the international reach they need especially in resourcing local talent.”

The group also announced a proposal to return €25 million in capital to all shareholders by way of a tender offer.

"The group's results for the year ended 30 June 2017 show growth in revenue and profit before tax, reflecting expansion of our team, development of our service offering and broadening of our geographical footprint,” John Hennessy, Chairman of CPL Resources, said.

“Our industry is highly competitive, and our continued growth remains sensitive to events affecting the wider European and global economies,” CPL Resources said. “As the UK moves towards its planned departure from the EU, the terms of which remain unclear, "Brexit" continues to give rise to uncertainty in our main markets.  We will continue to monitor these developments closely, and assess and respond to their implications for our business.”

In trading today CPL Resources set a new 52-week high during today's trading session when it reached €6.41, up 9.39% on the day. Over this period, the share price is up 10.52%. Based on its current share price the company has a market value of €180.9 million.