Belfast Telegraph

Cpl Resources expanding after 33% profit hike

Confident: Anne Heraty
Confident: Anne Heraty

By Ellie Donnelly

Recruitment firm Cpl Resources is planning further international expansion after reporting record earnings for the 12 months to June 30.

The group, which saw its net fee income increase 16% to €96.3m (£86.1m), will continue to focus on the European market.

Anne Heraty, chief executive of Cpl Resources, said: "We have offices across Europe and opened in the US about 15 months ago.

"We will continue to focus on the European market but also look further afield. We are just evaluating now which markets to put investment in."

Continued growth was reported across all the firm's segments, with its flexible talent division, which mainly covers people on temporary and/or specialist contracts, now representing 71% of gross profit.

With just 50 days until the UK is due to leave the EU, Ms Heraty said the market in Britain was "definitely a bit tougher".

"As long as the terms of the UK's planned departure from the EU remain unclear, Brexit will continue to give rise to uncertainty for businesses, including our own," she said.

"We will continue to monitor developments closely and assess and respond to their implications for our business."

Elsewhere, with increasing competition in the recruitment market, the company is differentiating itself through investment in its people and technology, Ms Heraty said.

However, she added that artificial intelligence (AI), which helps the business source staff, would never completely replace the role of humans in the sector.

"We were very early investors in technology and AI, which helps us sources from a search point of view, but I am a key believer that you always need the human interface in recruitment, especially when it comes to the final match," she said.

Profit before tax at Cpl increased 33% to €24.6m (£22m) in the 12-month period.

The company's performance was helped by an 8% increase in revenues to €564.9m (£505m), according to annual results from the group.

Meanwhile, chief operating officer and deputy chief executive Mark Buckley is to leave the business to pursue other opportunities.

Cpl is led in Northern Ireland by Aine Brolly, of Cpl Solutions International.

The company has offices in Royal Buildings on Arthur Street in the city centre.

Belfast Telegraph