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CPL to make a profit of nearly £20m, says analyst

Recruitment group CPL Resources, which has an office in Belfast, expects its profit before tax for the year to be "ahead of market expectations".

In a trading update, the group said it has performed well in the second half of its financial year, which ended on June 30. It added that its balance sheet and cash flow "remain strong."

CPL, led in Northern Ireland by Aine Brolly, pointed to current market conditions as being "favourable", with high demand for talent and low unemployment rates in key markets.

"However, we remain conscious of the potential impact of political and economic events globally on our business," it added.

Gerry Hennigan, analyst at Goodbody Stockbrokers, said he expects the company's profit before tax for the year to be around €22.1m (£19.8m), which implies year-on-year growth of 19%.

In the first half of its financial year (to December 31, 2018) the group reported double-digit growth in profits, up 23% to €11m (£10m). The company plans to announce full year results on September 10.

There has been no sign in the results and trading updates of any impact on the business as a consequence of a Channel 4 Dispatches documentary last summer.

Belfast Telegraph