Irish recruiter Cpl Resources has seen gross profits fall by 37% on the same period last year, in its results for the six months ended 31 December 2009.

The group recorded:

• Revenues of €91.38m (£79.62m) H2: 2009, down from €118.9m (£103.6m) H2:2008
• Profits before tax of €2.37m H2: 2009, up from €1.52m H2:2008
• Net fee income from permanent placement business fell 58% on H2 last year
  
  
• Permanent fees generated in the six months to December 2009 15% lower than the six months to June 2009
  
  
• Cash balances of €42m at 31 December 2009 generating €1.7m from operating activities in the six months to December 2009, with €1.3m spent on acquisitions in the same period.

The statement adds: “The markets in which Cpl operates remain challenging, and the economic outlook remains uncertain in Ireland and in our other locations.

“We do not anticipate any significant expansion or retraction in demand for our services in the short term. We note, however, that some commentators are forecasting a return to economic growth in Ireland towards the end of 2010, and we remain well positioned to take advantage of any upturn in the market as and when it occurs.”