FINANCIALS: Cpl returns capital to shareholders as profits rise
Irish recruiter Cpl Resources has seen revenue and profits rise as it has expanded internationally, according to results for the year ended 30 June 2017.
The results, published today, reveal group revenue increased by €21.8m to €455.2m (£417m), along with gross profit, which increased by 3% to €71.8m, and profit before tax up 3% to €15.8m on the previous year.
Commenting on the group's results, CEO Anne Heraty said: “We continued to grow our international footprint opening offices in Munich and Boston during the year. We now have over 40 offices in 10 countries. These offices provide Cpl clients with the international reach they need, especially in resourcing local talent.
“We also made further strategic progress with the acquisition of RIG Healthcare Group. This is Cpl's first entry into the locum doctor market and enhances the company's operating presence in the UK, following the acquisition of Clinical Professionals in September 2015.
“We will continue to invest wisely to capture opportunities for growth. Cpl has a strong balance sheet with net assets of €103.7m generated over the 27 years of continuous profitability. We believe our balance sheet and strong cashflows give us the resources to invest in the growth and expansion of our business, while also returning capital to shareholders.”
The group's results also included a proposal to return €25m in capital to all shareholders by way of a tender offer.
Expanding on the reasons for the group's move chairman John Hennessy said: “Cpl remains a profitable, cash generative business and has built up a net cash position of €33.6m as at 30 June 2017. Following careful consideration and having taken appropriate advice, the board has determined that a return of surplus capital is in the best interests of shareholders.
“The board is recommending a final dividend of 5.75 cent per share. This will bring the total dividend for the year to 11.5 cent per share. Based on current trends and circumstances in our main markets we expect to deliver further growth in our business during the financial year to 30 June 2018.”
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