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Ireland’s largest staffing company Cpl Resources (DQ5:ISE) saw record revenues in the six months to December 2012, driven by growth in both temporary and permanent recruitment, the firm reported on Thursday.
Total revenue in the period increased by +13% to €161.7 million year-on-year while gross profit was up +14% to €23.7 million. Operating profit in the six months grew by +37% to €5.8 million from a year ago. Net income was also up +31% to €5.2 million.
Despite the strong performance, the company remains cautious. Looking ahead, chairman John Hennessy said that conditions remain “challenging”. He expects financial results in the coming six months to be similar. The firm has put cost controlling measures into place to improve profitability.
Revenue from temporary assignments increased by +10% to €154.2 million and gross profit grew +11% to €16.2 million. “The temporary staffing market is highly competitive. Against this backdrop we are very pleased to have increased the number of people placed with our clients from 7,853 in June 2012 to 8,500 in December 2012,” said Mr Hennessy.
Gross profit from permanent placements in the six months to December was €7.5 million, an increase of +21% from a year ago.
In early trading, the company’s share price was down -0.5% to €4.20, a +65.0% increase from a year ago. The firm has a market value of €128.90 million.
Cpl dominates the Irish staffing market with over twice the market share of its closest rival, specialist provider CAE Parc. The firm operates internationally and provides recruitment services including temporary staffing, permanent recruitment, managed services and outsourcing.