UK listed Irish multi-sector employment services group Cpl Resources has announced a fall in profits.

Profits after tax for the half year ended 31 December 2008 were 739,000 euros (£651,000) compared to 10.2m euros (£8.99m) for the same period in 2007.

Revenue fell to 118.9m euros (£104.8m) compared to 132.4m euros (£116.7m) in 2007.

In a statement the company says: “Since 30th June 2008, the global economic downturn has gathered pace, adversely affecting business performance and employment activity in Ireland and in many other parts of the world.

“The confidence of employers and job candidates has been adversely affected by the downturn and this has had a negative impact on the trading and financial performance of the Cpl group.  We are experiencing a significant reduction in activity as businesses retrench and potential job candidates defer possible job changes, and it has become more difficult to forecast future performance accurately.

“We are continuing to respond appropriately to these challenges by managing our cost base, focusing on cash generation and  maximising our opportunities in both the temporary and permanent placement markets. The group had cash balances of 36.4m euros (£32m) at 31 December 2008, and our net cash position has improved further since that date. Our balance sheet remains strong.”