Cpl delivers record results with exceptional earnings growth and launch Covalen

The parent company of the Clinical Professionals Group, CPL resources Plc, have released a press release about their record results and exceptional earnings growth over the past year and the launch of their new managed solutions brand, Covalen.

Cpl Resources Plc, 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_HeratyAnne 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.”

Cpl Resources Plc, who acquired the Clinical Professionals Group back in 2015, is a global provider of talent and workforce solutions, with over 13,000 employees across 47 offices worldwide. We operate through distinct specialist brands in a wide range of sectors including technology, finance and legal, healthcare, pharmaceutical, life sciences, sales, engineering, HR, light industrial and office administration. We have a diverse range of clients from market leading multinationals to small and medium sized enterprises and we operate across the full talent spectrum from permanent, contract and temporary recruitment to the provision of managed solutions and strategic talent advisory services.

Clinical Professionals Group CEO, Yvette Cleland comments on the report of the previous financial year:

“I am delighted to celebrate with our parent company Cpl Resources Plc such an exceptional performance for the last financial year. Since we became part of the Cpl family 4 years ago we have been involved in very exciting times in growing our network of superb colleagues and business between the Ireland and the UK /EU. A highlight of my time with Cpl has been exceptional leadership of our CEO Anne Heraty. I am delighted to see the launch of Covalen under the leadership of my colleague Suzanne Dolan who along with our CFO Lorna Conn supported the Clinical Professionals Group at our AGM in June with superb presentations of our groups direction of travel. Some truly exciting times ahead.”

Please click here to view the full press release

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