FINANCIALS: Cpl Resources posts rise in profits

Irish workforce solutions group Cpl Resources has seen a 16% increase in net fee income year-on-year, according to results for the year ended 30 June 2019.

The results reveal NFI of €96.3m (£86.3m), along with an 8% increase revenue to €564.9m.

The period saw the group report gross across all segments, with its Flexible Talent business now representing 71% of gross profit, as well as the launch of Covalen, the group’s managed solutions brand.

Elaborating on the group’s performance, CEO Anne Heraty said: “Cpl has delivered another year of exceptional earnings growth and strong cash conversion, while increasing our NFI by 16% and our profit before tax by 33%.

“We continue to embrace a global demand for workforce solutions and our business model has evolved and adapted in response. Our managed solutions division is experiencing strong, consistent growth and we have recently branded this division Covalen, clearly defining our value proposition and positioning ourselves for future growth both domestically and internationally.”

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