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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:5123M CPL Resources PLC 25 January 2008 Cpl RESOURCES plc Results for the Half Year Ended 31 December 2007 Continued growth for Cpl; Profit before Tax up 46.8%; EPS up 45% Cpl Resources plc, Ireland's leading employment services group, today announced results for the half year ended 31st December 2007. Financial results * Revenue of Euro132 million for the six months, up 40% * Gross profit of Euro27.8 million, up 40% * Profit before tax of Euro11.7 million, up 45% * Earnings per share of 27.4 cent, an increase of 45% * Interim dividend of 2.5 cent * Cash balances of Euro29.6 million * Conversion ratio of 42.8%, up from 40.6% I am pleased to announce a strong set of results for the Cpl group in the six months to December 2007. Profit before tax increased by 45% to Euro11.7 million. Net fee income (Gross profit) of Euro27.8 million is 40% higher than last year. Revenues from our permanent placement business in the period increased by 32% over the six months to December 2006. This performance has been helped by increased demand for IT, telecoms and finance professionals. Our contractor and temporary fees have increased by 50% over the same period last year, reflecting growth in demand for non-permanent staff across all sectors. In particular, light industrial and healthcare have been strong growth areas for the Group. Cpl paid over 5,000 temps and contractors in December 2007. Our regional offices have also performed very well, benefiting from the new offices added to the Group towards the end of last year. A key performance measure for the Group is the conversion ratio of gross profit to profit before tax and amortisation. This was 42.8% in the six months to December 2007, compared to 44.7% for the year to June 2007. This reflects the ongoing investment by Cpl in our international and local businesses. Cpl now has offices in Prague, Bratislava and Warsaw. Cpl has integrated the recently acquired businesses of Kate Cowhig International Limited., the Richmond Recruitment Group and Northside Recruitment Limited. We are very pleased with the performance of these companies in the six months to December 2007. In July Cpl acquired Allied Nurses Agency Limited. The company provides locum nurses and health care assistants to clients throughout Ireland. With its extensive operations in the nursing sector Allied Nurses Agency Limited has proven to be an excellent fit with Cpl's existing healthcare businesses, which comprised Medical Recruitment Specialists, Kate Cowhig International Recruitment Limited and Nursefinders UK Limited. Together these businesses have firmly established Cpl's healthcare division as a major national player in the healthcare sector. On the international front, the group now has offices in Prague, Bratislava and Warsaw. Our intention is to grow a dynamic recruitment company in the Central European region and to continue to investigate and avail of opportunities to expand our operations abroad. The Group had cash balances of Euro29.6 million at 31 December 2007. Development momentum continued in the six months to December 2007 and our net expenditure on acquisitions for the six months amounted to Euro4 million. Cpl's strategy has been to develop robust and diversified revenue streams, and to enhance these through the addition of carefully selected acquisitions, which we work hard to integrate into the Group. There was an increase in working capital associated with the strong growth in revenue. Cpl operates in a highly competitive environment. We focus on the changing needs of our clients. We offer flexible products that help us build strong client relationships. We believe in our candidates and continue to be committed to delivering a high level of service to our clients. I wish to take this opportunity to welcome all the staff who have joined our team by way of our acquisitions. The Group's success is attributable to the quality of our entire team. We now have 279 consultants compared with 237 in June 2007, and 26 of these are located in Central and Eastern Europe. On behalf of the Board I wish to express my gratitude to all members of our team for the continued commitment and dedication to the business. We have recently welcomed two new non-executive directors, Breffni Byrne and Oliver Tattan, to our Board. Breffni and Oliver both have considerable business experience at senior executive level and as directors, and they bring extensive and complementary skills and expertise to the Board. The continuing directors are very much looking forward to working closely with Oliver and Breffni for the benefit of the group and our shareholders. Outlook Our results for the six months to 31 December 2007 reflect continuing profitable growth in our business across all business sectors. Although the Irish economic environment is somewhat less favourable than it has been in recent years, nevertheless we expect our business to continue to perform well over the coming months. The Board is recommending an interim dividend of 2.5 cent per share. The dividend will be payable on 29 February 2008 to shareholders on the company's register at the close of business on the record date of 1 February 2008. Group income statement for the half year ended 31 December 2007 Half Year ended Half Year ended Year ended 31-Dec-07 31-Dec-06 30-Jun-07 Euro'000 Euro'000 Euro'000 (Unaudited) (Unaudited) Audited Revenue 132,421 94,181 195,540 Cost of sales (104,617) (74,322) (152,530) Gross profit 27,804 19,859 43,010 Distribution expenses (1,171) (1,174) (2,007) Administrative expenses (15,202) (10,959) (22,456) Operating profit 11,431 7,726 18,547 Financial income 302 342 736 Financial expenses (1) (9) (10) Profit before tax 11,732 8,059 19,273 Income tax expense (1,525) (1,048) (2,475) Profit for the Financial Year 10,207 7,011 16,798 Attributable to: Equity Shareholders 10,190 7,011 16,786 Minority interest 17 12 - 10,207 7,011 16,798 Basic earnings per share 27.4 cent 18.9 cent 45.1 cent Diluted earnings per share 27.4 cent 18.9 cent 45.0 cent Consolidated Balance Sheet At 31 December 2007 31/12/2007 31/12/2006 30/06/2007 (Unaudited) (Unaudited) (Audited) Assets Non-current assets Property, plant and equipment 1,469 1,435 1,273 Goodwill and Intangible assets 17,846 6,659 15,105 Deferred tax asset 13 42 13 Total non-current assets 19,328 8,136 16,391 Current assets Trade and other receivables 33,234 21,563 23,201 Cash and cash equivalents 29,636 26,247 29,653 Corporation tax refundable 120 - - Total current assets 62,870 47,810 52,974 Total assets 82,198 55,946 69,365 Equity Issued capital 3,719 3,719 3,719 Share premium 1,701 1,698 1,701 Merger reserve (3,300) (3,300) (3,300) Retained earnings 51,453 32,976 42,183 53,573 35,093 44,303 Minority Interest 29 12 Total equity 53,602 35,093 44,315 Liabilities Non-current liabilities Financial liabilities 317 296 - Provisions 967 177 967 Total non-current liabilities 967 494 1,263 Current liabilities Financial liabilities 67 35 71 Trade and other payables 23,537 19,085 20,604 Corporation tax payable 1,415 1,020 - Provisions 2,610 219 3,112 Total current liabilities 27,629 20,359 23,787 Total liabilities 28,596 20,853 25,050 Total equity and liabilities 82,198 55,946 69,365 Group Cash Flow Statement Half Year ended Half Year ended Year ended for the half year ended 31 December 2007 31/12/2007 31/12/2006 30/06/2007 Euro'000 Euro'000 Euro'000 (Unaudited) (Unaudited) (Audited) Cash flows from operating activities Profit for the financial year 10,207 7,011 16,798 Adjustments for: Depreciation on property, plant and equipment 196 135 209 Amortisation of intangible assets 96 25 106 Financial income (302) (342) (734) Financial expense 1 9 10 Income tax expense 1,525 1,048 2,475 Operating profit before changes in working capital and provisions 11,723 7,886 18,864 (Increase)/decrease in trade and other receivables (7,287) (4,538) (5,186) Increase in trade and other payables and 643 2,397 3,251 provisions Cash generated from operations 5,079 5,745 16,929 Interest paid (1) (9) (10) Income tax refund / (paid) 53 (2,411) - Interest received 302 342 734 Net cash from operating activities 5,380 6,131 15,242 Cash flows from investing activities Acquisition of subsidiary, net of cash acquired (2,639) (166) (4,888) Deferred consideration paid (1,313) (151) - Purchase of property, plant and equipment (308) (426) (319) Purchase of intangible assets (306) - - Net cash from investing activities (4,260) (592) (5,664) Cash flows from financing activities Repayment of borrowings (271) (27) (41) Dividends paid (837) (557) (1,208) Proceeds from issue of share capital 17 20 - Net cash from financing activities (1,108) (567) (1,229) Net increase in cash and cash equivalents 12 4,972 8,349 Cash and cash equivalents at beginning of year 29,624 21,275 21,275 Cash and cash equivalents end of year 29,636 26,247 29,624 Notes supporting interim financial statements 1. Basis of preparation The consolidated financial information of the Group has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS), including interpretations issued by the International Accounting Standards Board ("IASB") and its committees and endorsed by the European Commission. The figures for the half year ended 31 December 2007 are unaudited. The comparative figures for the half year ended 31 December 2006 are also unaudited. The amounts for the year ended 30 June 2007 represent an abbreviated version of the Group's full financial statements for the year on which the auditors issued an unqualified audit report. The preparation of financial information in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. 2. Dividends paid Half Year ended Half Year ended Year ended 31 December 2007 31 December 2006 30 June 2007 Euro'000 Euro'000 Euro'000 Ordinary dividends: Interim dividend paid - - 651 Final dividend paid 837 557 557 877 557 1,208 3. Earnings per ordinary share The earnings per ordinary share is calculated on the basis that the weighted average number of shares in issue for the half year ended 31 December 2007 is 37,199,825 (period ended 31 December 2006 - 37,165,715; year ended 30 June 2007 - 37,191,606). It has been calculated based on the profit for the financial period ended 31 December 2007 of Euro10,207,000 (period ended 31 December 2006 - EuroEuro7,011,000; year ended 30 June 2007 - Euro16,786,000). This information is provided by RNS The company news service from the London Stock Exchange END IR FKQKPABKDPDB
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