11th Sep 2018 11:31
LONDON (Alliance News) - Irish employment services company CPL Resources PLC on Tuesday said its growing flexible talent segment had resulted in an increased annual profit.
In its financial year ended June 30, CPL Resources saw pretax profit climb 18% to EUR18.5 million from EUR15.8 million as revenue jumped 15% to EUR522.7 million from EUR455.2 million.
CPL Resources has two operating segments, flexible talent solutions and permanent recruitment. Its flexible talent business saw the greatest change and contributed most strongly to profit, with net fee income in the segment up 25% to EUR56.9 million from EUR45.7 million. Flexible talent's gross margin for the year improved to 11.5% from 10.7% year-on-year.
Permanent recruitment improved more modestly, with net fee income up just 0.8% to EUR26.3 million from EUR26.1 million.
Total gross profit was EUR83.2 million, up from EUR71.8 million, with flexible talent fees accounting for 68% of this total. This compares to 64% of gross profit the prior year. In contrast, fees from its permanent recruitment arm dropped to 32% of gross profit from 36%.
The Irish company has declared a final dividend of 7.15 EUR cents, bringing the total for the year to 13.5 cents, up 17% from 11.5 cents.
"With the terms of the UK's planned departure from the European Union still unclear, Brexit continues to give rise to uncertainty. We will continue to monitor developments closely and assess and respond to their implications for our business," said CPL Resources Chairman John Hennessy.
"Current market conditions are favourable with high demand for talent and low unemployment rates in our key markets. We expect that these factors, together with the efforts of our people, will allow us to deliver further growth in our business during the financial year to 30 June 2019," Hennessy added.
Shares in CPL Resources were untraded at 525.00 pence on Tuesday.
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