Cpl Resources (CPL: ID) the Irish recruitment firm, has announced that it had held its Annual General Meeting Chairman Mr John Hennessy stating the company has had a solid start to the new financial year with net fees continuing to show organic growth.

"On 1 September 2016 we announced a strong set of results for the year ended 30 June 2016. The Group reported a 23% increase in adjusted operating profit to €17.4 million, record revenues of €433.4 million and an earnings per share of 43.9 cent. The Group has a strong balance sheet, with more than €33 million in net cash at the year end.

Economic indicators remain positive and the company expects to perform in line with market expectations in the months ahead, Hennessy also stated.

"We continue to grow our business organically and we plan to open new offices during this financial year in Munich and Boston. We continue to explore some potential strategic partnerships and acquisitions in our key sectors and markets," he said.

Hennessy also stated that the effects of Brexit still remain unclear and the company's position remains that there will be challenges and opportunities for CPL.

As of last trade, CPL Resources traded at €5.70, up 4.58% on the day and 13.64% below its 52-week high of  €6.60, set on 25 November 2015.  Based on its current share price the company has a market value of €174.11 million