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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cpl Resources Plc | LSE:CPS | London | Ordinary Share | IE0007214426 | EUR0.10 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 995.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6071I CPL Resources PLC 07 September 2006 CPL RESOURCES plc Full Year Results for the Year Ended 30th June 2006 Record Results for Cpl; Profit before Tax up 83%; EPS up 81% CPL Resources plc, Ireland's leading employment services group, today announced full year results for the year ended 30th June 2006. Financial Highlights * Sales Euro148 m up 41% (2005: Euro105 m) * Net Fee Income Euro28.2m up 40% (2005: Euro20.1 m) * Profit before tax Euro10.6m up 83% (2005: Euro5.8 m) * Earning per share 25.1 cent up 81% (2005: 13.9 cent) * Conversion ratio 37.5% (2005: 29%) * Cash Euro21.3m (2005: Euro11.7 million) * Dividend 2.9 cent per share (2005: 1.8 cent) Commenting on the group's performance and outlook, Cpl Chief Executive, Anne Heraty, said: "We are delighted with the performance of the Group. Our growth in sales of 41% which is almost entirely organic follows a similar increase in sales in the previous year. These results reflect the core strength of Cpl - our ability to understand and respond to the changing needs of our clients. In the year to June 2006, we continued to invest in expanding each specialist brand and on growing our teams of recruitment consultants. Recruiter numbers increased from 163 in June 2005 to 188 in June 2006. As a result of our investment in training, in hiring new people and in developing innovative and effective services for our clients, we believe we are well prepared to take advantages of changes in the marketplace and to deliver exceptional solutions to our clients John Hennessy Chairman of the Group said "The Group's increased revenue and gross profit reflect substantial increases in profitable activity across all sectors and markets, and a strong performance in each of our principal business areas, being the placement of contract, temporary and permanent employees with clients. The fact that a 41% increase in revenue resulted in an almost doubling of pre-tax profits year on year demonstrates the Group's ability to grow our business aggressively while maintaining rigorous cost control. Cpl is a much larger, more diverse and more robust business than it was a few years ago. Our management and staff face and overcome daily challenges in continuing to deliver profitable growth. We remain confident in our ability to take advantage of favourable economic conditions and to identify and pursue opportunities for further growth, whether organically or by acquisition." About Cpl Resources plc Cpl is a specialist provider of recruitment and employment services, operating through distinct specialist brands in a wide range of business sectors, including technology, accounting and finance, healthcare, pharmaceutical, sales, engineering, light industrial, and office administration. Chairman's Statement The year to 30 June 2006 was a very good one for Cpl. The Group has delivered its best results to date, producing very substantial growth in turnover, net fee income and profits. The key highlights for the period include: * Earnings per share of 25.1 cent, compared with 13.9 cent for the year to June 2005 * Revenue of Euro148 million, representing growth of 41% year on year * Gross profit of Euro28.2 million, up 40% from Euro20.1 million in the year to June 2005 * Profit before tax of Euro10.6 million, an increase of 83% over the prior year * Cash balances of Euro21.3 million at 30 June 2006 (Euro11.7 million at 30 June 2005) The Group's increased revenue and gross profit reflect substantial increases in profitable activity across all sectors and markets, and a strong performance in each of our principal business areas, being the placement of contract, temporary and permanent employees with clients. Net fee income in our permanent placement business increased by 39% over the prior year, with all divisions performing well. This performance has been helped by increased demand for IT, Telecoms and Finance professionals. Our contractor and temporary fees have increased by 42%, reflecting growth in the demand for non-permanent staff in all areas, including office management and administration, customer service, engineering, healthcare and manufacturing operations, and for temporary staff in the pharmaceutical, biotechnology, clinical research and medical device industries. Newer areas of our business also performed well in the period. These included Cpl Managed Services, which manages selected business processes (including call centres, administrative services and recruitment solutions) on behalf of clients. The Group had cash balances of Euro21.3 million at 30 June 2006. Notwithstanding the working capital demands associated with strong growth in business activity, this figure is Euro9.6 million higher than the corresponding balance at 30 June 2005. Our excellent business development team is supported by strong back office personnel who have ensured that the 41% growth in revenue has resulted in only a 6% increase in trade debtors. As we noted in our 2005 annual report, the Group's ability to generate growth and profits is linked closely to the performance of the Irish economy, and we have benefited from growth in most of the sectors in which we operate. The fact that a 41% increase in revenue resulted in an almost doubling of pre-tax profits year on year demonstrates the Group's ability to grow our business aggressively while maintaining rigorous cost control. One of Cpl's central tenets is our commitment to quality people. We believe that in order to source and place the best people and to provide the best service to our clients we must recruit, train and retain the very best people in our own business. Over the years we have invested significantly in people whose efforts and abilities align with those of the Group itself. As Cpl continues to deliver growth we will maintain our focus on investment in people. Cpl is a much larger, more diverse and more robust business than it was a few years ago. Our management and staff face and overcome daily challenges in continuing to deliver profitable growth. We remain confident in our ability to take advantage of favourable economic conditions and to identify and pursue opportunities for further growth, whether organically or by acquisition. Cpl's success is the result of having the best people in the business and we are very grateful for their dedication, skill and sustained commitment to the Group. Their continuing efforts to deliver top class service to all our clients and customers have made us Ireland's leading provider of employment services. I would also like to extend the appreciation of the Board to our customers for their continued loyalty and support. The Board is recommending a final dividend of 1.5 cent per share. The dividend will be payable on 5 October 2006 to shareholders on the company's register at the close of business on the record date of 15 September 2006. The final dividend together with the interim dividend of 1.4 cent per share, amounts to a total dividend of 2.9 cent per share. JOHN HENNESSY Chairman 7th September 2006 Group income statement for the year ended 30 June 2006 2006 2005 Euro'000 Euro'000 Revenue 148,065 105,265 Cost of sales (119,898) (85,193) Gross profit 28,167 20,072 Distribution expenses (1,725) (1,528) Administrative expenses (16,111) (12,845) Operating profit 10,331 5,699 Financial income 255 108 Financial expenses (20) (25) Profit before tax 10,566 5,782 Income tax expense (1,278) (666) Profit for the financial year 9,288 5,116 Basic earnings per share 25.1 cent 13.9 cent Diluted earnings per share 24.9 cent 13.8 cent Group balance sheet at 30 June 2006 2006 2005 Assets Euro'000 Euro'000 Non-current assets Property, plant and equipment 1,144 811 Goodwill and intangible assets 6,518 5,789 Deferred tax asset 42 - Total non-current assets 7,704 6,600 Current assets Trade and other receivables 17,025 13,372 Cash and cash equivalents 21,292 11,661 Corporation tax refundable 81 - Total current assets 38,398 25,033 Total assets 46,102 31,633 Equity Issued share capital 3,714 3,688 Share premium 1,686 1,671 Other reserves (3,300) (3,300) Retained earnings 26,522 18,051 Total equity 28,622 20,110 Liabilities Non-current liabilities Provisions 177 111 Financial liabilities 317 300 Total non-current liabilities 494 411 Current liabilities Trade and other payables 16,688 10,892 Corporation tax payable - 85 Provisions 219 119 Financial liabilities 79 16 Total current liabilities 16,986 11,112 Total liabilities 17,480 11,523 Total equity and liabilities 46,102 31,633 Group cash flow statement for the year ended 30 June 2006 2006 2005 Euro'000 Euro'000 Cash flows from operating activities Profit for the financial year 9,288 5,116 Adjustments for: Depreciation on property, plant and equipment 223 226 Amortisation of intangible assets 54 49 Financial income (255) (108) Financial expense 20 25 Income tax expense 1,278 666 Operating profit before changes in working capital and provisions 10,608 5,974 (Increase) in trade and other receivables (3,620) (1,583) Increase in trade and other payables 5,715 3,280 Cash generated from operations 12,703 7,671 Interest paid (20) (25) Income tax paid (1,493) (736) Interest received 255 108 Net cash from operating activities 11,445 7,018 Cash flows from investing activities Acquisition of subsidiary, net of cash acquired (194) - Deferred consideration paid (234) (179) Purchase of property, plant and equipment (550) (178) Purchase of intangible assets (140) (155) Net cash from investing activities (1,118) (512) Cash flows from financing activities Repayment of borrowings (30) (106) Proceeds from new loan 93 - Dividends paid (817) (516) Proceeds from issue of share capital 41 26 Net cash from financing activities (713) (596) Net increase in cash and cash equivalents 9,614 5,910 Cash and cash equivalents at beginning of year 11,661 5,751 Cash and cash equivalents at end of year 21,275 11,661 For Further Information: Anne Heraty, CPL Resources, 01 614 6000 Josephine Tierney, Finance Director, 01 6146000 7th September 2006 This information is provided by RNS The company news service from the London Stock Exchange END FR LFMRTMMAMBRF
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