Cpl Resources is very pleased to announce a strong set of interim financial results from the past 6 months to December 31st. The group recorded a 13% increase in revenue, which represents a total figure of €161.7 million. Earnings per share rose by 55% to 16.96 cent and operational profit grew by 37% to €5.8 million. These increases are a direct result of Cpl’s delivery of innovative service solutions, organic expansion and high quality service to clients and candidates.
Profitability for this period was largely achieved through a combination of judicious cost control measures and improved productivity across the business. As a result, the group managed to generate a 24% rise in conversion ratio of gross profit to operating profit in the six months to December 2012, compared with 20% for the same period in 2011. Given the continued economic hardships in Ireland at present, Cpl’s primary markets remain challenging; however this situation has created new opportunities for the group, particularly in the areas of temporary staffing and fully outsourced services. Other areas that remain strong, for those with the right skillsets, are technology, finance and accountancy, areas that would account for many of the 2,000 plus vacancies we are currently advertising.
We are delighted with these results in what remains a challenging set of conditions in the jobs market. In spite of this, we still managed to increase the numbers now working for Cpl, on clients’ sites, from 7,850 to just over 8,500 in the last six months. Another sign of a slight improvement in the market is that permanent placements have jumped by a healthy 21% during the period under review as people get a little more confident about moving jobs.
A further bright spot is that we have just begun a campaign to recruit 650 people nationwide who are currently unemployed, under the State sponsored Momentum initiative, and we will be providing these people with a 6 to 8 month training programme in the food and healthcare sectors, preparing them for re-entry into employment. Participants in the programme are entitled to their full unemployment benefits as they train.