21 Oct 2019 17:00
21 October 2019
Cpl Resources Plc
Trading Update
Cpl Resources Plc ('Cpl' or the 'Group'), Ireland's leading workforce solutions group, held its Annual General Meeting ('AGM') in Dublin this afternoon.
Trading Update
At the AGM, Chairman Mr John Hennessy made the following statement:
"On 10 September 2019 we announced our results for the year ended 30 June 2019. The Group reported record revenues in excess of €564 million and exceptional earnings growth. The Group reported a strong balance sheet position, closing the year with net assets of €110 million and a net cash balance of €40 million, demonstrating the profitable, cash generative nature of our business and the effectiveness of our working capital management.
At our AGM today, our shareholders approved a final dividend of 11.0 cent per share, bringing the total dividend for the year to a record 19.0 cent per share, an increase of 41%.
The Group has had a positive start to the new financial year. Our Flexible Talent division continues to perform well as we meet our clients' growing desire for more flexible workforce solutions. Covalen, our managed solutions brand, was launched in Ireland on 2 October 2019 and will be launched in key European countries later in the financial year.
We are conscious of the uncertainty that continues regarding Brexit and the terms of the UK's proposed departure from the EU. Like many other businesses in Ireland, we will continue to monitor developments closely and we are prepared should conditions change.
We continue to pursue organic growth and explore potential strategic partnerships and acquisitions that will allow us to grow profitably and continue to provide an attractive and sustainable return to shareholders. Regarding the current year, we expect to perform in line with market expectations in the months ahead.
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For Further Information:
Anne Heraty, CEO, Cpl Resources Plc: +353 1 614 6000
Lorna Conn, CFO, Cpl Resources Plc: +353 1 614 6000
Ivan Murphy/ Daragh O'Reilly, Davy Corporate Finance: +353 1 679 6363
Melanie Farrell/ Jonathan Neilan, FTI Consulting: +353 1 765 0888