Employment services provider CPL Resources plc (CPS.L) Thursday reported an increase in pre-tax profit for the six months ended 31 December 2009, reflecting mainly absence of an impairment charge recorded in the prior-year period. Adjusted pre-tax profit declined from the prior year on lower revenues. The company also said that it does not anticipate any significant expansion or retraction in demand for its services in the short term.
Pre-tax profit for the six-month period increased to EUR 2.37 million from EUR 1.52 million in the same period a year ago, reflecting the absence of a EUR 4.5 million impairment charge incurred in the corresponding period last year.
Profit before tax and impairment decreased to EUR 2.37 million from EUR 6.02 million in the year-ago period.
Net profit attributable to equity shareholders for the period was EUR 2.05 million compared to EUR 0.70 million last year, and earnings per share increased to 11.0 cents per share from 2.0 cents per share. Revenue decreased to EUR 91.38 million from EUR 118.95 million in the year-earlier period.
Net fee income from permanent placement business decreased 58% and pricing environment in temporary placement business has become challenging, resulting in a 26% decline in gross profit.
The group had cash balances of EUR 42 million at 31 December 2009. The business generated EUR 1.7 million from operating activities while spent EUR 1.3 million on acquisitions.
The company declared an interim dividend of 1.5 cents per share, payable on 5 March 2010 to shareholders on the company's register at the close of business on the record date of 5 February 2010.
CPS.L is currently trading at 192.50 pence per share, down 2.53% on the London Stock Exchange.
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