CPL Resources PLC Board Appointment and Trading Update (8165E)

TIDMCPS

RNS Number : 8165E

CPL Resources PLC

22 October 2018

22 October 2018

Cpl Resources Plc

Board Appointment and Trading Update

Cpl Resources plc ('Cpl' or the 'Group'), Ireland's leading provider of talent solutions and talent advisory services, held its Annual General Meeting ('AGM') in Dublin this afternoon, issued a trading update and announced the appointment of a new independent Director to the Board.

Board Appointment

The Group is pleased to announce the appointment of Elaine Coughlan, to the Board of Directors, effective 23 October 2018. Elaine is a co-Founder and Managing Partner of Atlantic Bridge Capital a Global Growth Equity Technology Fund. She is a Fellow of the Institute of Chartered Accountants and a qualified Chartered Director.

Trading Update

At the AGM, Chairman Mr John Hennessy made the following statement:

"On 11 September 2018 we announced our results for the year ended 30 June 2018. The Group reported record revenues in excess of EUR522 million and double-digit growth across all key metrics. The Group reported a strong balance sheet position, closing the year with net assets of EUR92.5 million and a net cash balance of EUR24.2 million, demonstrating the profitable and cash generative nature of our business.

At our AGM today, our shareholders approved a final dividend of 7.15 cent per share, bringing the total dividend for the year to 13.5 cent per share, an increase of 17%.

The Group has had a good start to the new financial year. Our Flexible Talent division continues to grow at pace, as our business model evolves to meet shifting workforce preferences and a strengthening demand for more flexible talent solutions. Our Permanent division is performing in line with expectations. Overall economic indicators today remain positive and we expect to perform slightly ahead of current market expectations in the months ahead.

We continue to pursue organic growth and explore potential strategic partnerships and acquisitions in our key sectors and markets.

The effects of Brexit still remain unclear and our position remains that it will present both challenges and opportunities for Cpl.

We would also like to announce the appointment of Elaine Coughlan as an independent non-executive director to the Board, effective 23 October 2018. Elaine is a founder of Atlantic Bridge, a global growth technology fund and is a non-executive director of the Board of Enterprise Ireland. Elaine has over twenty years operational and M&A experience as an entrepreneur and executive in scaling Irish technology companies. We are delighted to welcome her to the Board".

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For Further Information:

Anne Heraty, CEO, Cpl Resources Plc: [phone]

Mark Buckley, Deputy CEO & COO, Cpl Resources Plc: [phone]

Lorna Conn, CFO, Cpl Resources Plc: [phone]

Ivan Murphy/ Daragh O'Reilly, Davy Corporate Finance: [phone]

Melanie Farrell/ Jonathan Neilan, FTI Consulting: [phone]

Additional Information:

Ms Elaine Coughlan (47) holds no shares in Cpl Resources plc, and, other than as set out below, there is no further information to be disclosed under schedule 2(g) and Rule 17 of the AIM and ESM Rules in respect of Ms Coughlan's appointment as a Non-Executive Director.

Elaine Coughlan is, or has been, a director of the following companies during the previous five years:

 
 Current Directorships                 Past Directorships 
 ABVEN Fund II Nominees Limited        Swrve Mobile Inc 
 CIGTF Nominees Limited                Sophia Search Limited 
                                       The Institute of Directors in 
 Atlantic Bridge GP Limited             Ireland 
 Atlantic Bridge II GP Limited         Enterprise Ireland 
 Atlantic Bridge II Nominees Limited 
 Atlantic Bridge III GP Limited 
 Atlantic Bridge III Nominees 
  Limited 
 Atlantic Bridge Nominees No 1 
  Limited 
 Atlantic Bridge Nominees No 3 
  Limited 
 Atlantic Bridge Nominees No 2 
  Limited 
 Atlantic Bridge Ventures Holdings 
  Ltd 
 China Ireland Growth Technology 
  Fund GP LLC 
 Atlantic Bridge University Nominees 
  Limited 
 Atlantic Bridge Services Limited 
 IWCS Limited 
 Atlantic Bridge University GP 
  Limited 
 Atlantic Bridge II Opportunity 
  GP Limited 
 Novaerus Group Limited 
 China Ireland Growth Technology 
  Fund II GP Ltd 
 CIGTF II Nominees Ltd 
 Bellfort Limited 
 Fieldaware Group Limited 
 Oman Technology Fund SAOC 
 St Gerard's School Trust 
 

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October 22, 2018 13:00 ET (17:00 GMT)