Cpl is pleased to announce record revenues of �455.2m with continued geographic reach in 2017. The 2017 annual results highlight growth in overall profit as well as an expansion of the Cpl team, both in Ireland and internationally.
Key points of the 2017 report:
- Proposal to return �25 million in capital to all shareholders by way of a Tender Offer
- Revenue increased by �21.8 million, to �455.2 million
- Gross Profit increased by 3% to �71.8 million
- 3% increase in Profit before tax to �15.8 million
- Earnings per share of 43.7 cent (2016: 43.9 cent)
- Total dividend per share of 11.5 cent (2016: 11.0 cent)
John Hennessy, Chairman commented:
'The Group's results for the year ended 30 June 2017 show growth in revenue and profit before tax, reflecting expansion of our team, development of our service offering and broadening of our geographical footprint. In recent months, the Board has considered a range of strategic and financial options to enhance shareholder value, particularly taking account of the continued generation of positive cash flows by the Group. Cpl remains a profitable, cash generative business and has built up a net cash position of �33.6 million as at 30 June 2017. Following careful consideration and having taken appropriate advice, the Board has determined that a return of surplus capital is in the best interests of shareholders. Consequently, subject to shareholder approval, we intend to return up to �25 million of surplus capital, in the form of a tender offer, to shareholders The Board is recommending a final dividend of 5.75 cent per share. This will bring the total dividend for the year to 11.5 cent per share.Based on current trends and circumstances in our main markets we expect to deliver further growth in our business during the financial year to 30 June 2018.'
Anne Heraty CEO added:
'We continued to grow our international footprint opening offices in Munich and Boston during the year. We now have over 40 offices in 10 countries. These offices provide Cpl clients with the international reach they need especially in resourcing local talent. We also made further strategic progress with the acquisition of RIG Healthcare Group. This is Cpl's first entry into the locum doctor market and enhances the Company's operating presence in the UK, following the acquisition of Clinical Professionals in September 2015. We will continue to invest wisely to capture opportunities for growth. Cpl has a strong balance sheet with net assets of �103.7 million generated over the 27 years of continuous profitability. We believe our balance sheet and strong cash flows give us the resources to invest in the growth and expansion of our business while also returning capital to shareholders.'