FINANCIALS: Cpl Resources sees rise in profits

Irish workforce solutions group Cpl Resources has seen a 10% increase in net fee income year-on-year, according to results for the half year ended 31 December 2019.

The results reveal NFI of €51.06m (£43m), along with a 5% increase revenue to €291.3m. The period saw the group witness a strong performance in permanent recruitment, while the management focused on controlling costs, improving margins and increasing recruiter productivity.

Its permanent division benefited from favourable economic conditions in its key markets and, in particular, from strong growth in the technology and UK healthcare sectors, while its flexible talent division continued to grow, responding to an increasing demand globally for more flexible workforce solutions. Covalen, the group’s recently launched managed solutions brand, proved a key contributor to the growth of this division.

Elaborating on the group’s performance, CEO Anne Heraty said: “It has been another period of very robust growth for Cpl as the group delivered a 10% increase in NFI and a 23% increase in earnings. During the six-month period we made additional investment in products focused on innovative technology solutions, adding further value for our clients.

“We continue to see increasing client demand for solution-orientated and flexible workforce models. With our recent investments in the ‘Future of Work Institute’ initiative and our managed solutions division Covalen, we believe that Cpl is well positioned to deepen our client relationships further, both domestically and internationally.”

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