Pre-tax profits at Ireland employment services group Cpl Resources rose by 3% to €15.8m in the year to end of June following record revenues of €455.2m with continued geographic reach. Gross profit increased by 3% to €71.8m and the group plans to return €25 million in capital to all shareholders by way of a tender offer. The total dividend of 11.5 cents per share is up from 11.0 cents in 2016. Chairman John Hennessy said: "The Group's results for the year ended 30 June 2017 show growth in revenue and profit before tax, reflecting expansion of our team, development of our service offering and broadening of our geographical footprint. "In recent months, the Board has considered a range of strategic and financial options to enhance shareholder value, particularly taking account of the continued generation of positive cash flows by the Group. "Cpl remains a profitable, cash generative business and has built up a net cash position of €33.6 million as at 30 June 2017. "Following careful consideration and having taken appropriate advice, the Board has determined that a return of surplus capital is in the best interests of shareholders. "Consequently, subject to shareholder approval, we intend to return up to €25 million of surplus capital, in the form of a tender offer, to shareholders. "The Board is recommending a final dividend of 5.75 cent per share. This will bring the total dividend for the year to 11.5 cent per share. "Based on current trends and circumstances in our main markets we expect to deliver further growth in our business during the financial year to 30 June 2018."
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