Cpl delivers record results with exceptional earnings growth. Launch of Covalen, Cpl's managed solutions brand.
Cpl Resources Plc ('Cpl', the 'Group' or the 'Company'), Ireland's leading workforce solutions group, today announced its results for the year ended 30 June 2019.
Key Financial Highlights
- 8% increase in revenues to �564.9m
- 16% increase in gross profit (net fee income) to �96.3m
- 33% increase in profit before tax to �24.6m
- 37% increase in earnings per share to 77.3 cent
- 41% increase in total dividend per share to 19.0 cent per share
- Gross profit margin up 110 basis points to 17%
- Operating margin up 100 basis points to 4.4%
- Strong net cash position of �40.1m, up from �24.2m in 2018
Key Operational Highlights
- Continued growth across all segments, Flexible Talent now representing 71% of gross profit
- Launch of Covalen, Cpl's managed solutions brand
- Further investment in technology team and development of new innovative technology solutions
- Further investment in the Future of Work Institute, Cpl's platform for thought leadership and the co-creation of workforce solutions with our clients
John Hennessy, Chairman, commented:
'I am very pleased to report exceptionally strong earnings growth for the Group for the year ended 30 June 2019, reflecting a strong performance across all of our business. This result highlights our clear focus on continuing to grow the business, while evolving our offering to meet shifting market demands and continuing to manage our cost base to improve margins.
At its heart Cpl is a people business and our culture is one of openness, respect and clear communication. We believe that this culture and the calibre of our people enables us to deliver consistently outstanding service to our clients and candidates and that it has contributed significantly to an excellent performance across the business in the past year.'
Anne Heraty, CEO, added:
'Cpl has delivered another year of exceptional earnings growth and strong cash conversion while increasing our net fee income by 16% and our profit before tax by 33%.
We continue to embrace a global demand for workforce solutions and our business model has evolved and adapted in response. Our managed solutions division is experiencing strong, consistent growth and we have recently branded this division Covalen, clearly defining our value proposition and positioning ourselves for future growth both domestically and internationally.'
For further information, please contact:
Cpl Resources Plc + 353 1 614 6000
Anne Heraty, CEO
Lorna Conn, CFO
Davy Corporate Finance (Nomad and Euronext Growth Advisor)
Ivan Murphy/ Daragh O'Reilly: +353 1 679 6363
FTI Consulting (Media Relations)
Melanie Farrell/ Jonathan Neilan: +353 1 765 0888