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CPL RESOURCES plc Announces Full Year Results for the Year Ended 30th June 2010

CPL RESOURCES plc Full Year Results for the Year Ended 30th June 2010
CPL Resources plc, Ireland's leading employment services group, announces full year results for the year ended 30th June 2010.
Financial Highlights






189.9 m

212.4 m

Net Fee Income

28.2 m

35.0 m

Operating profit

4.0 m

0.14 m

Adjusted operating profit ***
Profit before tax

4.0 m
5.3 m

8.2 m
1.7 m

Basic earning per share
Diluted Earnings per share
Adjusted diluted earning per share ***

12.2 cent
12.2 cent
12.2 cent

1.7 cent
1.7 cent
23.4 cent

Conversion ratio ***



Net Cash

43.5 m

42.5 m

Dividend per share

4.0 cent

3.0 cent
*** Note this is shown before impairment of goodwill and intangible assets in 2009
John Hennessy Chairman of the Group said
"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.
Our strategy balances the need to take actions to protect current profitability with the investment required to build both now and for the next cycle of growth. 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. We believe that we are well positioned to take full advantage of economic recovery as and when it occurs and to avail of other opportunities that may arise for profitable growth in our business. "
Commenting on the group's performance and outlook, Cpl Chief Executive, Anne Heraty, said:
"Against a backdrop of the most severe labour market conditions and operating environment in our 20 year history, I am pleased to report profit before tax of 5.3 million and net cash of 43.5 million in the year to June 2010. Our strong financial position is complemented by a focused team of talented people who are committed to supporting our customers with innovative and flexible workforce solutions to meet their business needs in a very difficult operating environment.
With the severity of the recession many employers have had to make deep and painful cutbacks in their workforce. We believe they are now finding that they may have cut too deeply and need to hire again, particularly in specialist areas. In addition some employers are seeing an opportunity to build capability in their businesses, taking advantage of what is an exceptionally good time to hire talented people. There are strong long-term demand drivers for our business such as an aging population, the declining tenure of employees, the need for flexibility, increased globalisation and the pressures on customers to minimise costs. We believe that as a result of the actions we have taken this year, Cpl is well positioned to take advantage of this market opportunity. Given the current market uncertainty we remain cautious in our short term outlook, however we are optimistic about the longer term opportunities."


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