Irish multi-sector recruiter CPL Resources’ net fee income fell from €52.5m (£46.2m) to €35m (£30.8m) in its full-year results ended 30 June 2009.

Operating profit declined from €19.8m to €0.14m. Sales were also down from €257.6m to €212.4m but net cash grew to €42.5m from €37.6m.

John Hennessy, chairman of the group, says: “The year to 30 June 2009 has been unprecedented in many respects. Economies around the globe have ceased to grow, many have contracted and corporate performance and the confidence of businesses and consumers have fallen in most parts of the developed world.

“I am pleased to report that, notwithstanding these challenging circumstances, CPL has been able to respond in a decisive and disciplined way that has allowed us to remain profitable, to reorganise our operations and reduce costs without compromising service levels.

“We expect that the environment in which we operate will continue to be difficult over the coming months. Accordingly, the level of uncertainty remains such that it is not possible to predict our future performance with any accuracy. However, CPL will continue to deliver excellent service while managing our cost base carefully.”