Irish recruitment firm Cpl Resources (CPL: ID), reported revenue for the half year ended 31 December 2016 of €228.7 million, an increase of 5.7% compared to the previous year.

Net fee income for permanent placements fell by 2.6% to €13.2 million, however net fee income for temporary and contract increased by 12.5% to €22.9 million.

John Hennessy, Chairman commented, “I am pleased to report that in the six months to 31 December 2016 the group delivered continued growth in revenues, net fee income and profits. During the six months ended 31 December 2016, we experienced further improvements in trading conditions in certain of our market.

“The proportion of our net fee income that is made up of permanent fees has reduced from 40% in the same period last year to 37%, mainly as a result of longer lead times in appointing nursing staff in the UK following regulatory changes.  The temporary staffing market remains highly competitive but we have seen some margin improvement.

We continue to grow and develop our people within the Group and on behalf of the Board I wish to express my gratitude for the continuing hard work and dedication of all of our people and for their commitment to the Group.”

Looking to the future, Hennessy said, “We have seen continued organic growth across many of our key business sectors. Political and economic events globally during the period to 31 December 2016 have had limited impact on our key sectors, except for foreign exchange translations. During calendar year 2017 we expect the outcome of these events to become clearer, and consequent opportunities and challenges to present themselves.  We remain confident in the outlook for the business and expect to deliver continued profitable growth for the remainder of the financial year.”

As of last trade CPL Resources PLC traded at €5.95, up 5.22% on the day and 6.30% below its 52-week high of €6.35, set on 5 February 2016. Based on its current share price the company has a market value of €172.7 million.