Irish recruitment firm Cpl Resources announced a trading update during its Annual General Meeting yesterday.

The group said it had a positive start to the new financial year.

In September 2019 the group reported revenue of €564.8 million, an increase of 8% compared to the previous year.

In its trading update, the group said its flexible talent division continues to perform well as it meets its “clients' growing desire for more flexible workforce solutions.” Covalen, the group’s managed solutions brand, was launched in Ireland on 2 October 2019 and will be launched in key European countries later in the financial year.

Cpl Chairman John Hennessy commented, “We are conscious of the uncertainty that continues regarding Brexit and the terms of the UK's proposed departure from the EU. Like many other businesses in Ireland, we will continue to monitor developments closely and we are prepared should conditions change.”

“We continue to pursue organic growth and explore potential strategic partnerships and acquisitions that will allow us to grow profitably and continue to provide an attractive and sustainable return to shareholders. Regarding the current year, we expect to perform in line with market expectations in the months ahead,” Hennessy said.

In trading yesterday Cpl Resources shares traded at €6.75, down 3.57% on the day. Based on its current share price the company has a market value of €189.36.