Irish recruitment firm Cpl Resources (CPL: ID), reported revenue for the half year ended 31 December 2017 of €256.7 million, an increase of 12% compared to the previous year.

Last June, Cpl agreed to acquire UK-based healthcare recruiter RIG Healthcare Group for £9.1 million. Revenue for the six months to 31 December 2017 includes a full six months' trading contribution by RIG Healthcare Group.

Net fee income for permanent placements fell by 2% to €13.0 million, however net fee income for temporary and contract increased by 20% to €27.4 million. The proportion of the group’s net fee income that was made up of temporary fees increased from 63% in the same period last year to 68%, driven primarily by RIG's revenue mix but also by organic growth across the group’s sectors.

“I am pleased to report that in the six months to 31 December 2017 the group delivered continued growth in revenues, net fee income and profits,” John Hennessy, Chairman of Cpl, said.

Cpl Resources also announced that during the period, the group returned €25 million of surplus cash to its shareholders by way of a fixed price tender offer. The tender offer was fully subscribed and successfully executed, with the company repurchasing and cancelling 3,703,703 shares at a price of €6.75 per share, thereby reducing the issued share capital by approximately 12%.

“As we move into the second half of our financial year we are closely monitoring activity levels in all of our markets,” Hennessy said. “We remain conscious of the impact of political, regulatory and economic events globally on our business.  Positive momentum in the Irish and Eurozone labour markets should position the group well for further growth across its key business sectors.”

“We remain confident in the outlook for the business and expect to deliver continued profitable growth for the remainder of the financial year,” Hennessy said.

In trading today Cpl Resources traded at €6.20, down 0.64% on the day and 8.15% below its 52-week high of €6.75, set on 26 October 2017. Based on its current share price the company has a market value of €169.55 million.