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Irish recruitment firm CPL Resources (CPL: ID) reported revenue for the six months ending 31 December 2013 of €184.3 million, an increase of +14% compared with €161.7 million for the same period last year.
The company also reported a +14% rise in gross profit, up from €23.7 million in H1 2013 to €27 million in H1 2014. CPL Resources achieved an operating profit of €6.9 million, a year-on-year rise of +18% from €5.8 million last year.
John Hennessy, Chairman of CPL Resources, commented: “I am pleased to report that the half year ended 31 December 2013 has been one of strong operating performance, with increased revenues and profitable growth for CPL. Profit before tax increased by +17% to €7 million for the six months, on revenues that are +14% higher compared to six months last year. This performance reflects strong growth across all metrics, increasing demand for our services and the continued hard work, dedication, talent and efficiency of our team.”
“We continue to see many companies opting for temporary employment offering that enables them to recruit personnel based on the variable demands of their businesses. In the six months to 31 December 2013 the Group has continued to develop our competence in the provision of fully outsourced services, which require specific technical skills and multiple European languages. Revenue generated from temporary assignments was €174.2 million, representing +13% growth over same period last year,” he added.
Gross profit derived from permanent recruitment rose substantially from €7.5 million in 2012 to €10 million this year, a year-on-year rise of +34%. Gross profit derived from temporary recruitment also rose, albeit at the lower rate of +5%, increasing year-on-year from €16.2 million to €17 million.
Mr Hennessy continued: “Recent months have seen some indicators in our principal markets move tentatively into positive territory. We see opportunities for growth but we still face challenges in many markets arising from economic uncertainty and competitive pressures. Our strong financial position provides use with the resources to capitalise on growth opportunities as they arise. We expect further profitable growth in the second half of our financial year.”
In trading today, the company’s share price remained unchanged at €7.35, an increase of +69.4% compared with a year ago. Based on its current share price, the company has a market value of €224.5 million.