CPL Resources upbeat on 2020 profit despite coronavirus impact

Recruitment group CPL Resources said pretax profit for the year would broadly be in line with expectations, despite the impact of the coronavirus pandemic on its business.

The company said that reduced hiring had hit its permanent placement business, but that the “flexible talent” portion of its business – which accounts for more than 70 per cent of its net fee income – had remained resilient, with solid demand across the pharmaceutical, life science and technology sectors.

Results would also be supported by strong growth in profits in the first half of its financial year, a momentum that continued until March, when the Covid-19 pandemic caused a shutdown of large parts of the Irish economy.

CPL switched its staff over to remote working and continued working with employees, candidates and clients. The company also implemented a number of cost initiatives.