CPL Resources H1 pre-tax profits see 31% growth

Updated: Thursday, 24 Jan 2013 11:11

Dublin and London listed CPL Resources has reported pre-tax profits of €5.9m for the six months to the end of December.

This marked a 31% increase on the same time in 2011.

The company said its revenues for the six month period rose by 13% to €161.7m, while operating profits grew by 37% to €5.8m.

CPL said that while it is pleased with its half yearly results, it stressed that conditions remain challenging. 

CPL's chief executive Anne Heraty said that the company 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 employment,'' she added.

Ms Heraty said that areas that remain strong - for those with the right set of skills - are technology, finance and accountancy.

The company also noted that while its main markets remain difficult, many employers in these markets continue to experience ''mismatches'' between the skills they need and those that are available. ''There is a general oversupply of people available for work, but at the same time there is an undersupply of specific skills that are in demand,'' it said.

CPL said that it has decided to pay an interim dividend of four cent per share, a 33% increase on the same time in 2011.

Looking ahead, the company said it expects conditions to remain challenging but it continues to see opportunities for growth in key parts of its business.

''Although medium term visibility remains difficult in current market conditions, we expect our performance for the second half of the financial year to be similar to the first six months,'' its chairman John Hennessey said in today's results statement.