Profits fall at CPL Resources_2
Irish recruiter CPL Resources has seen profits fall due to “very challenging” conditions, according to its full-year results for the year ended 30 June 2010.
Irish recruiter CPL Resources has seen profits fall due to “very challenging” conditions, according to its full-year results for the year ended 30 June 2010.
The group’s results are shown below.
| 2010 | 2009 | |
| Sales | €189.9m (£158.2m) | €212.4 m |
| Net Fee Income | €28.2 m | €35m |
| Operating profit | €4m | €0.14 m |
| Adjusted operating profit *** | €4m | €8.2 m |
| Profit before tax | €5.3 m | €1.7 m |
| Net Cash | €43.5 m | €42.5 m |
*** Note: shown before impairment of goodwill and intangible assets in 2009
John Hennessy, chairman of the group, says: “The year to 30 June 2010 was a very challenging one for many Irish-based businesses. The downturn in the global economy, and particularly in Ireland, has been severe, and full recovery from it will take considerable time.
“Despite the uncertainty we still face in the economic landscape, there are a number of positive factors that will drive growth momentum over the coming years. These include deregulation, skills shortages and increased demand for flexible employment.
“Although it is too early to conclude that a sustained economic recovery has begun in Ireland or in the other markets in which we operate, we are currently experiencing gradual, but noticeable, improvements in those markets.”
