CPL Resources, the Irish recruiter, which is listed on the London Stock Exchange, says it has remained profitable, despite the deep downturn in the Irish economy.

In its trading update for the year ending 30 June 2009, the company says: “The Irish economy has seen a marked and sustained reduction in activity in recent times and this has had a significant adverse effect on employment figures, the availability of jobs and the demand for recruitment and related services.

“The CPL Group has responded to these challenges by reducing costs in a careful and controlled manner, by making changes to our business model to respond to new market conditions and by availing of opportunities presented by the difficult economic environment.

“Despite these difficult circumstances the group has remained profitable throughout the year to 30 June 2009. After taking account of impairment charges, we expect that the group’s profit for the year will be in line with market expectations, and our balance sheet remains strong.

“It is impossible to predict with any accuracy whether the markets in which the group operates will experience any significant improvement in the foreseeable future, and accordingly the outlook for the group for the remainder of 2009 remains uncertain.”