Acquisitions boosted sales at recruitment specialist CPL in the year to end June, but profit growth failed to keep pace, according to results published by the group yesterday.

Turnover almost doubled to €52.4 million from €27.3 million. But the profit rise lagged this growth. Pre-tax earnings for the year rose by 31 per cent to €1.7 million from €1.3 million at its 2002 year-end.

CPL's sales were increased by its purchase in September 2002 of two smaller specialised operators, Multiflex and Techskills. The accounts show these acquisitions added €14.5 million to group turnover, and were responsible for €291,000 of its total operating profit figure of €1.6 million. Chief executive Ms Anne Heraty said the purchases had been integrated into the company.

The cost of sales rose by 126 per cent during the year to €41.8 million from €18.5 million in 2002. Administrative expenses were up 17 per cent at €8 million from €6.8 million.

Earnings per share rose to 3.8 cents from 2.78 cents.