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Cpl Resources appoints independent director to the board

Cpl Resources plc held its Annual General Meeting ('AGM') in Dublin on Monday 22nd October, issued a trading update and appointed a new independent director to the board.

The Group has appointed Elaine Coughlan to the board of directors, effective 23rd October 2018. Coughlan is a co-founder and managing partner of Atlantic Bridge Capital, a global growth equity technology fund. She is a fellow of the Institute of Chartered Accountants and a qualified chartered director.

At the AGM, chairman, John Hennessy, made the following statement:

"On 11 September 2018 we announced our results for the year ended 30 June 2018. The Group reported record revenues in excess of €522 million and double-digit growth across all key metrics. The Group reported a strong balance sheet position, closing the year with net assets of €92.5 million and a net cash balance of €24.2 million, demonstrating the profitable and cash generative nature of our business.

“At our AGM today, our shareholders approved a final dividend of 7.15 cent per share, bringing the total dividend for the year to 13.5 cent per share, an increase of 17%. The Group has had a good start to the new financial year. Our Flexible Talent division continues to grow at pace, as our business model evolves to meet shifting workforce preferences and a strengthening demand for more flexible talent solutions. Our Permanent division is performing in line with expectations. Overall economic indicators today remain positive and we expect to perform slightly ahead of current market expectations in the months ahead.

“We continue to pursue organic growth and explore potential strategic partnerships and acquisitions in our key sectors and markets.  The effects of Brexit still remain unclear and our position remains that it will present both challenges and opportunities for Cpl.

“We would also like to announce the appointment of Elaine Coughlan as an independent non-executive director to the board, effective 23 October 2018. Elaine is a founder of Atlantic Bridge, a global growth technology fund and is a non-executive director of the Board of Enterprise Ireland.  Elaine has over twenty years operational and M&A experience as an entrepreneur and executive in scaling Irish technology companies. We are delighted to welcome her to the board".

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