The buoyant Irish job market helped recruitment company CPL Resources double its full year profits as the company reported strong growth across all divisions.
CPL announced pre-tax profits of €5.4 million for the year ended June 30th, 2005, up 112 per cent on the figure for 2004. Sales came in at €105 million, an increase of 42 per cent on last year.
Updating shareholders on current trading CPL's chairman, John Hennessy, described 2005 as the best in the company's history.
The labour market in Ireland is enjoying a period of extraordinary growth with employment growing at 5 per cent a year, by far the fastest rate in the euro zone. With an unemployment rate of only 4.3 per cent there is increasing evidence that labour shortages are emerging in some sectors.
CPL's gross margin rose to 19.05 per cent from 17.05 per cent due to a higher proportion of job applicants being placed in permanent positions.
In terms of the outlook, CPL stated that it has started the current year strongly across all its divisions and is well positioned to take advantage of continued growth in the economy.