Irish recruitment firm Cpl Resources announced a trading update during its Annual General Meeting yesterday. The group also announced the appointment of a new independent Director to the Board.

Cpl appointed Elaine Coughlan to the Board of Directors with effect from today, 23 October 2018.

Coughlan is a co-Founder and Managing Partner of Atlantic Bridge Capital, a Global Growth Equity Technology Fund. She is also a Fellow of the Institute of Chartered Accountants and a qualified Chartered Director. She has over twenty years operational and M&A experience as an entrepreneur and executive in scaling Irish technology companies.

In its trading update, Cpl said it has had a good start to the new financial year.

“Our Flexible Talent division continues to grow at pace, as our business model evolves to meet shifting workforce preferences and a strengthening demand for more flexible talent solutions,” the group stated. “Our Permanent division is performing in line with expectations. Overall economic indicators today remain positive and we expect to perform slightly ahead of current market expectations in the months ahead.”

Chairman John Hennessy commented, “On 11 September 2018 we announced our results for the year ended 30 June 2018. The group reported record revenues in excess of €522 million and double-digit growth across all key metrics. The group reported a strong balance sheet position, closing the year with net assets of €92.5 million and a net cash balance of €24.2 million, demonstrating the profitable and cash generative nature of our business.”

Cpl said it continues to pursue organic growth and explore potential strategic partnerships and acquisitions in its key sectors and markets.

“The effects of Brexit still remain unclear and our position remains that it will present both challenges and opportunities for Cpl,” the group stated.

As of last trade CPL Resources traded at €5.98, up 1.36% on the day and 5.65% above its 52-week low of €5.66, set on 4 May 2018. Based on its current share price the company has a market value of €161.92 million.