RNS Number:6120D
CPL Resources PLC
11 September 2007

                               CPL RESOURCES plc

              Full Year Results for the Year Ended 30th June 2007

          Record Results for Cpl; Profit before Tax up 82%; EPS up 80%


CPL Resources plc, Ireland's leading employment services group, today announced
full year results for the year ended 30th June 2007.


Financial Highlights

* Sales Euro195.5 m                           up 32%          (2006: Euro148 m)
* Net Fee Income Euro43 m                     up 53%          (2006: Euro28.2 m)
* Profit before tax Euro19.3m                 up 82 %         (2006: Euro10.6 m)
* Earning per share 45.1 cent              up 80%          (2006: 25.1 cent)
* Conversion ratio 44.7%                                   (2006: 37.5%)
* Cash Euro29.7m                                              (2006: Euro21.3 million)
* Dividend 4.0 cent per share                              (2006: 2.9 cent)


John Hennessy Chairman of the Group said

"We are please to announce an outstanding set of results for the year ended 30
June 2007.  This performance continues a five year trend of exceptional growth
in the business.  This continuation of very strong growth in profits reflects a
highly successful business model involving talented and committed people
delivering exceptional client service, a focused acquisition strategy that has
added new sectors and countries to the Group's business and a sustained focus on
cost control.

Development momentum continued in the year to June 2007 and our net acquisition
spend for the twelve months amounted to Euro4.9 million. Cpl's strategy has been to
develop robust and diversified revenue streams, and to enhance these through the
addition of carefully selected acquisitions, which we work hard to integrate
into the Group."

Commenting on the group's performance and outlook, Cpl Chief Executive, Anne
Heraty, said:

"I am pleased to report another strong performance for Cpl in the year to 30
June 2007.  Profit before tax increased by 82% to Euro19.3 million, this is our
third consecutive year to deliver profit before tax growth of over 80%.

Our performance can be attributed to the ability and focus of our people in
responding to the needs of our clients.  In Cpl we recognise that our clients'
needs are constantly changing and that flexibility is a key factor to developing
and growing strong client relationships. We believe that our success comes from
our core belief in candidate care and our commitment to delivering a high value
service to all our clients

The year to June 2007 was an excellent year for the Group. We expanded our
business in every sector and continued our international expansion with the
opening of offices in key countries. As a result, we see great opportunity for
growth of our international business. Cpl has sufficient financial and
operational flexibility to respond to the needs of the marketplace as they
arise. We maintain a strong balance sheet and healthy cash position, which will
enable us to take advantage of any opportunities that the market may present."


About Cpl Resources plc

Cpl is a specialist provider of recruitment and employment services, operating
through distinct specialist brands in a wide range of business sectors,
including technology, accounting and finance, healthcare, pharmaceutical, sales,
engineering, light industrial, and office administration.


Chairman's Statement

Once again the Group has delivered an outstanding set of results for the year to
June 2007. Profit before tax of Euro19.3 million and earnings per share of 45.1
cent represent increases of 82% and 80% respectively.  This continuation of very
strong growth in profits reflects a highly successful business model involving
talented and committed people delivering exceptional client service, a focused
acquisition strategy that has added new sectors and countries to the Group's
business and a sustained focus on cost control.  The Chief Executive's review
deals in some detail with the financial and business performance of the Group
and each of its divisions.

The Group has generated excellent returns by maintaining a balanced client
focused strategy. Increased revenue and gross profit reflect substantial
increases in profitable activity across all sectors and markets, and a strong
performance in each of our principal business areas, being the placement of
contract, temporary and permanent employees with clients.  Permanent placement
net fee income in the year to 30 June 2007 increased by 52% over the prior year.
All divisions have performed well. Our contractor and temporary fees have
increased by 53%, reflecting growth in the demand for non-permanent staff in all
areas. The Cpl Managed Services business, which manages selected business
processes (including call centres, administrative services and recruitment
solutions) on behalf of clients, now represents 17% of our net fee income.

The Group had cash balances of Euro29.7 million at 30 June 2007.  Notwithstanding
the working capital demands associated with strong growth in business activity,
this figure is Euro8.4 million higher than the corresponding balance at 30 June
2006.

Development momentum continued in the year to June 2007 and our net acquisition
spend for the twelve months amounted to Euro4.9 million. Cpl's strategy has been to
develop robust and diversified revenue streams, and to enhance these through the
addition of carefully selected acquisitions, which we work hard to integrate
into the Group.  During the year we added important businesses in the healthcare
sector through our purchase of Kate Cowhig International Recruitment Limited,
and in the retail and light industrial sectors through our acquisition of
Northside Recruitment Services Limited.  We also enhanced the geographical
spread of our business, both in Ireland (principally through the acquisition of
the former regional operations of Richmond Recruitment) and internationally,
further extending our presence in Eastern Europe.  The quality of these select
investments will be an important element in the continuing diversification of
our business and in delivering further growth in the Group over the years ahead.

Just five years ago, the Cpl group operated principally in one business sector -
the IT industry - and exclusively in the Irish market.  Our turnover in the year
to 30 June 2002 was less than Euro23 million and our earnings per share amounted to
2.7 cent.  The corresponding figures for 2007 represent compound growth over 5
years of more than 50% per annum in turnover and more than 75% per annum in
earnings per share.  The sustained strength of the Irish economy has undoubtedly
contributed significantly to this outstanding performance.  However, the quality
and commitment of our people, the loyalty of our customers and a successful
strategy for organic growth, business development, diversification and
acquisition have been the principal drivers of Cpl's success.

The achievements and success of Cpl are founded on the exceptional commitment
and capability of the people who lead, manage and work in its businesses.  Our
ability to attract, develop, motivate and retain talented people is in many ways
our most important competence.  Our continuing efforts to deliver top class
service to all our clients and customers have made us Ireland's leading provider
of employment services.  I congratulate the whole team on another outstanding
set of achievements in 2007 and thank them for the commitment and contribution
to the success of the Group. I would also like to extend the appreciation of the
Board to our customers for their continued loyalty and support.

The Board is recommending a final dividend of 2.25 cent per share.  The dividend
will be payable on 26 October 2007 to shareholders on the company's register at
the close of business on the record date of 21 September 2007.  The final
dividend together with the interim dividend of 1.75 cent per share, amounts to a
total dividend of 4.00 cent per share.




John Hennessy

Chairman


11 September 2007



Chief Executive Review

I am pleased to report another strong performance for Cpl in the year to 30 June
2007.  Profit before tax increased by 82% to Euro19.3 million, this is our third
consecutive year to deliver profit before tax growth of over 80%.  Considering
that we operate in a highly competitive marketplace, our results can be
attributed to the ability and focus of our people in responding to the needs of
our clients.  In Cpl we recognise that our clients' needs are constantly
changing and that flexibility is a key factor to developing and growing strong
client relationships. We believe that our success comes from our core belief in
candidate care and our commitment to delivering a high value service to all our
clients.

The Irish economy remained healthy in the year to 30 June 2007 providing a solid
base for Cpl to achieve strong organic growth. The employment environment was
favourable and unemployment remained low at just over 4%.  A strong inward
migration trend continued over this period and was a significant source of
skilled candidates. However, recent labour market data seems to indicate that
employment growth has begun to moderate. Employment is forecast to increase by
3% in 2007 down from 4.3 % in the last quarter of 2006 and to further decrease
to 1% in 2008, with most of this deceleration resulting from job losses in the
construction industry. Currently there is full employment in the professional
and technical areas and skills shortages are being experienced. Over 74% of
Cpl's gross profit is generated from professional and specialist recruitment,
and key markets for the Group such as the services sector are expected to
continue to experience job growth.

People

Cpl's reputation is built on the talent and commitment of the people who serve
our clients. I want to take this opportunity to thank them for delivering for
our candidates and clients and to acknowledge their contribution and
achievements in making the year to 30 June 2007 an exceptional year. I am
delighted to welcome those people who joined us during the year, especially
those who were employees of the businesses we acquired, their efforts in the
successful integration of these companies into the Group is greatly appreciated.
  I also want to thank our loyal customers for their partnership and support
during the year.

Acquisitions

In January 2007 Cpl acquired 75% of the share capital of Key 6 Business
Solutions S.r.o. Cpl wishes to expand and develop its business in the Central
European Region.  Key 6 Business Solutions S.r.o. currently has offices in both
Prague and Bratislava and the company's vision is to grow and develop as a
dynamic recruitment company in the Central European Region. This acquisition
dovetails with our existing business in Poland.

In March 2007 Cpl acquired Kate Cowhig International Recruitment Limited, a
leading healthcare direct placement company which has been in operation since
1990. The company specialises in the recruitment of registered nurses, midwives
and allied health professionals, for many of the largest teaching hospitals in
Ireland and the UK. Located in Dublin, Kate Cowhig International Recruitment
Limited also has local agents in India, Philippines, the Middle East and Eastern
Europe.  Cpl intends to expand and develop its international healthcare
business.

In June 2007 Cpl acquired Northside Recruitment Services Limited ("NRS") and we
purchased the assets in the Richmond Recruitment Group. NRS specialises in the
Industrial and Retail sectors. The company is based in North Dublin and has
grown an excellent business, working closely with local candidates and local
clients. While predominately a temporary recruitment business there is an
opportunity to grow permanent fees.

The Richmond Recruitment Group was established in 1990 and has offices in
Limerick, Cork and Galway offering permanent and temporary recruitment services
to a broad range of clients. Cpl has seen the value of having a number of
regional offices and believe that these acquisitions present a significant
opportunity to expand its presence throughout Ireland.


Cpl has a very professional and robust infrastructure and will apply our systems
and processes to NRS and the Richmond Recruitment businesses.  Cpl will use its
established infrastructure to enable the local offices to offer a broad range of
services to local employers.  Cpl believe that the addition of both these
businesses to the Cpl network will have a strategic benefit for the Cpl Group.

Subsequent to the year end, Cpl acquired Allied Nurses Agency Limited on 1 July
2007. Allied Nurses Agency Limited is located in Dublin, providing locum nurses
and health care assistants to clients throughout Ireland. With its extensive
operations in the nursing sector Allied Nurses Agency Limited is an excellent
fit with Cpl's existing healthcare businesses, Medical Recruitment Specialists,
Kate Cowhig International Recruitment Limited and Nursefinders UK Limited.
Together these businesses will firmly establish Cpl's healthcare division as a
major national player in the healthcare sector and will offer opportunities for
operational synergies and an enlarged source of candidates for clients.

Helped by the acquisitions completed in 2007 Cpl is now even better positioned
to offer exceptional quality services to our valued clients.

Financial results

Profitability and shareholder value

  * Profit before tax of Euro19.3 million, up 82%
  * Record earnings per share of 45.1 cent, an increase of 81%
  * Total dividend of 4.00 cent

Delivering growth

  * Revenue of Euro196 million for the 12 months, representing growth of 32% year
    on year
  * Gross profit of Euro43 million, up 52 % from Euro28.2 million in the year to
    June 2006
  * Cash balances of Euro29.6  million at 30 June 2007 (Euro21.3 million at 30 June
    2006)
  * Improved conversion ratio of 44.7%



Group revenue increased by 32% to Euro196 million in the year to 30 June 2007
(2006: Euro148 million). Gross profit increased by 52% to Euro43 million (2006: Euro28.2
million) yielding an 82% increase in profit before tax to Euro19.3 million (2006:
Euro10.6 million). Operating expenses increased by 37% to Euro24.5 million (2006:
Euro17.8 million). For the fifth year in a row the Group has delivered double digit
earnings growth in excess of gross profit growth through rigorous cost control
and a strong focus on productivity.

A key performance measure for the Group is the conversion ratio of gross profit
to profit before tax. This was 44.7% in the year to 30 June 2007 (2006: 37.5%),
an increase of more than 7% in a year when we increased our investment in
headcount, training and infrastructure.

Fully diluted earnings per share were 45.0 cent, up from 24.9 cent in 2006, an
increase of 81%.

The Group ended the year with cash of Euro29.6 million.  Notwithstanding the
working capital demands associated with strong growth in business activity, this
figure is Euro8.3 million higher than the corresponding balance at 30 June 2006. It
also worth noting that the closing cash figure is after paying Euro4.9 million for
the acquisitions made during the year.


Operations review

The Cpl Group has delivered significant operational improvements in the year to
June 2007. We have increased our level of efficiency. This is evidenced by a
number of key performance indicators outlined below.

Operating highlights


                                                   2007             2006       Increase
Gross Margin                                       22%              19%        16%
Operation Margin                                   10%              7%         38%
Conversion Ratio                                   44.7%            37.5%      19%

Permanent Fees as % of total gross profit          51.8%            52.5%
Temporary Fees as % of total gross profit          48.2%            47.5%

Contractor and temporary staff headcount           4,145            3,459      20%

Number of Net Fee Earners  **                      237              166        43%
Average Fees per Net Fee Earner                    Euro16,000          Euro15,000    7%


** June 2007 and June 2006


In the past Cpl has achieved revenue growth coupled with stringent cost control.
This has continued in the year to June 2007 and we have increased our revenues
by 32% while improving our conversion ratio of gross profit to profit before tax
to 44.7%. Our gross margin has increased to 22%, 3% higher than last year. This
is partly due to the improvement of 1% in our contractor and temporary margin
and secondly by the growth in our managed service business.  Managed service
fees now account for 17% of Group's gross profit compared with 11% last year. We
have achieved a 7% growth in the average fees per net fee earner to Euro16,000 in
June 2007. We are especially pleased with this as the number of net fee earners
has increased by 43% to 237 in the corresponding period.

Cpl operate through distinct specialist brands in a wide range of business
sectors, including technology, accounting and finance, healthcare,
pharmaceutical, sales, engineering, light industrial, and office administration.

All of our divisions grew their business during the year, with the strongest
performance from Managed Services, ICT and Finance and Accounting. Performance
by division is outlined below.

Careers Register provides experienced accounting and finance, risk management,
internal audit and financial services professionals to clients on a temporary
and permanent basis. The permanent placement division performed exceptionally
well as a result of the strong demand for finance and accounting professionals.
In the year to June 2007 gross profit grew by 23%, all of which represented
organic growth.  Temporary fees were up by 9% and Permanent fees grew by 24%.
This excellent performance reflects Careers Register's growing presence in a
strengthening financial services industry in Ireland driven by the ongoing focus
of companies on internal controls and compliance. The quality and deep networks
of the recruiters in Careers Register is particularly appealing to clients
seeking talent in a scarce market.

Cpl Managed Services is focused on the provision of Recruitment Process
Outsourcing, Call-Centre Operations, Technical Support, Back-Office and Assembly
Services to the Information Technology and Pharmaceutical industries.  Our plans
for expanding this business include launching new service lines and penetrating
new sectors in Ireland, as well as promoting our established service lines to
our Central and Eastern European customers.  The success of this part of our
business is based on a combination of a focused and motivated sales
organisation, with a committed and professional service delivery team that
consistently meets and exceeds our clients' service level requirements.  We see
continued and growing demand from our customers for an efficient and
cost-effective service to manage and resource high-volume people-based
activities and we will continue to invest in building our capabilities in this
area. Gross profit in this area has increased by 132% year on year. The Managed
Services business now accounts for 17% of the Group's gross profit.

Medical Recruitment Specialists (MRS) provides qualified healthcare staff on a
temporary and permanent basis to leading hospitals and healthcare facilities
nationwide. Gross profit for the year to June 2007 has increased by 25%.
Temporary fees from our agency nursing business have increased by 39%.

Many factors are contributing to the demand for flexible healthcare staffing
services. These include a shortage of nurses with specialist skills, a greater
demand for care professionals both in the home and in hospitals, and the rising
demand for healthcare services with increasing life expectancy.  The
acquisitions of Kate Cowhig International Recruitment Limited and Alliance along
with Medical Recruitment Specialists will allow us to build on our reputation as
the leading provider of healthcare staffing services in Ireland.  Following the
successful integration of these key acquisitions, we will further develop our
core central support services that allow us to deliver an exemplary service to
our private and public sector healthcare clients.

Techskills Resources source contract and permanent engineering professionals for
their clients. They recruit for a wide range of positions including Construction
Managers, Project Managers, Estimators, Design and Structural Engineers,
Architects and Technicians. Techskills experienced strong organic growth in the
period, with gross profit increasing by 37%. While growth in the residential
construction sector has slowed considerably, Techskills with an established
network of loyal clients is well positioned to benefit from the infrastructure
projects that are already underway and the infrastructure investment planned for
Ireland over the coming years.

Cpl is the leading recruitment specialist in Ireland in the ICT contract and
permanent market. The year to June 2007 was an outstanding year for this
division. Gross profit increased by 46%, contractors working on client site
were up by 11%, contractor margin increased by 1%, permanent fees increased by
56% and we had  significant public and private sector client wins in 2006/2007.
IT represents 20% of our gross profit in the year to June 2007. The market
remains buoyant for permanent IT positions as skill shortages are apparent in
some key areas.  We are optimistic about the opportunities for this division in
2007/2008.

BroadReach International Executive Search, established in October 2004, operates
at board level and across a range of senior management disciplines. Our
executive recruiters target the top 10% of qualified candidates and provide our
client companies with an in-depth service, to meet their need for leadership
talent. The opportunity for Executive Search is immense, with the majority of
CEO's reporting the scarcity of key talent as the one of significant limiting
factors in growing their businesses. The number and value of assignments in
BroadReach was encouraging particularly in the second half of the year.

Ann O Brien Office Support places skilled temporary and permanent administrative
professionals with clients in all industries.  This division has offices in
Dublin City Centre, Blanchardstown, Stillorgan and Naas. Permanent fees
increased by 52% in the 12 months to June 2007.

Multiflex is Ireland's leading supplier of Light Industrial and Technical staff.
  Established in 1998, Multiflex has pioneered the way forward in the delivery
of flexible and permanent workforce practices.  Multiflex has designed a variety
of effective and efficient flexible and permanent workforce models to meet the
ever changing demands of the client in today's market.   Permanent fees
increased by 27% in the year to June 2007.

Thornshaw Scientific and Cpl Science specialise in the placement of permanent
and contract personnel in the pharmaceutical, biotechnology, clinical research
and medical device industry. The combined business produced strong growth in
gross profit of 63%. Fees earned on placing temporary workers more than doubled
in the twelve months.


Strategy

We will continue to focus on delivering our long term strategy in 2008. Key
elements of that strategy as outlined in last year's report include growing our
business organically by winning market share and by increasing the range of
services we offer to our existing clients, selective acquisitions provided they
build on our capability to deliver to clients and they enhance shareholder
value, geographic expansion and maintaining a balanced earnings stream.

In the year to 30 June 2007 we achieved organic growth in revenue of Euro44
million. We continued to develop our Managed Services business which now
represents 17% of our gross profit. We continue to see opportunity for strong
organic growth across the Group and remain focussed on this as a key element of
our overall growth strategy.

We expanded our geographic reach during the year with development of our office
in Poland and the acquisition of Key 6 Business Solutions S.r.o.  Key 6 Business
Solutions S.r.o. is our platform for expansion in Central Europe. While these
offices provide a source of highly qualified candidates to meet the needs of our
clients in Ireland our main focus is to provide our international client base in
these regions with a strong local service and access to the range of innovative
recruitment solutions that Cpl has to offer.

We are also committed to identifying acquisitions that deliver quality service
and build on our capability to deliver market leading solutions to our clients.
In the second half of the year to 30 June 2007 we completed five acquisitions,
which further advanced our growth strategy for our Healthcare, Light Industrial,
Regional and International businesses. Although it is early days we are very
pleased with the way these businesses are performing and we are therefore very
confident we will drive substantial growth through these businesses in the
coming years.

Over the past several years we have continued to strengthen the business by
building a robust and balanced earnings stream. We operate through specialist
brands in several business sectors. We are not overly dependent on any one
sector. Our gross profit in the year to June 2007 was made up of 47% from
temporary recruitment and 53% from permanent recruitment. Specialist recruitment
was 74% of our gross profit and general recruitment 26%.

Outlook

The year to June 2007 was an excellent year for the Group. We continued to
demonstrate the fundamental quality of the Cpl business model and strategy. Cpl
has sufficient financial and operational flexibility to respond to the needs of
the marketplace as they arise. We continue to diversify our portfolio of
services by sector, service-line and geographical location and maintain a strong
balance sheet and healthy cash position, which will enable us to take advantage
of any opportunities that the market may present. Our new acquisitions also
provide us with the opportunity to expand and deliver quality long-term growth
in Ireland and Central Europe.



Group income statement
for the year ended 30 June 2007


                                                           Year ended                     Year ended
                                                            30-Jun-07                      30-Jun-06
                                                                Euro'000                          Euro'000



Revenue                                                       195,540                        148,065
Cost of sales                                               (152,530)                      (119,898)

Gross profit                                                   43,010                         28,167
Distribution expenses                                         (2,007)                        (1,725)
Administrative expenses                                      (22,456)                       (16,111)

Operating profit                                               18,547                         10,331
Financial income                                                  736                            255
Financial expenses                                               (10)                           (20)

Profit before tax                                              19,273                         10,566
Income tax expense                                            (2,475)                        (1,278)

Group Profit for the Financial Year                            16,798                          9,288

Profit attributable to equity shareholders                     16,786                          9,288
Minority interest                                                  12
Group Profit for the Financial Year                            16,798
                                                                                               9,288

Basic earnings per share                                    45.1 cent                      25.1 cent

Diluted earnings per share                                  45.0 cent                      24.9 cent




Group Balance Sheet
for the year ended 30 June 2007


                                                  Year ended                  Year ended
                                                   30-Jun-07                   30-Jun-06
                                                       Euro'000                       Euro'000
Assets
Non-current assets
Property, plant and equipment                          1,273                       1,144
Goodwill and  Intangible Assets                       15,105                       6,518
Deferred tax asset                                        13                          42
Total non-current assets                              16,391                       7,704

Current assets
Trade and other receivables                           23,201                      17,025
Cash and cash equivalents                             29,653                      21,292
Corporation tax refundable                                37                          81
Total current assets                                  52,891                      38,398

Total assets                                          69,282                      46,102

Equity
Issued capital                                         3,734                       3,714
Share premium                                          1,686                       1,686
Merger reserve                                       (3,300)                     (3,300)
Retained earnings                                     42,100                      26,522
                                                      44,220                      28,622
Minority Interest                                         12
Total equity                                          44,232                      28,622
Liabilities
Non-current liabilities
Financial liabilities                                     42                         317
Provisions                                             3,112                         177
Total non-current liabilities                          3,154                         494

Current liabilities
Financial liabilities                                    296                          79
Trade and other payables                              20,604                      16,688
Corporation tax payable
Provisions                                               967                         219
Total current liabilities                             21,867                      16,986

Total liabilities                                     25,021                      17,480
Total equity and liabilities                          69,253                      46,102




Group statement of changes in shareholders' equity
for the year ended 30 June 2007


                                                     Capital
                                                  conversion
                              Share       Share      Reserve    Merger     Retained            Minority     Total
                            capital     premium         fund   reserve     earnings     Total  interest    equity
                              Euro'000       Euro'000        Euro'000     Euro'000        Euro'000     Euro'000     Euro'000     Euro'000

Balance at 1 July 2005        3,688       1,671           57   (3,357)       18,051    20,110         -    20,110
Shares issued                    26          15            -         -            -        41         -        41
Profit for the financial          -           -            -         -        9,288     9,288         -     9,288
year
Dividends paid                    -           -            -         -        (817)     (817)         -     (817)

Balance at 30 June 2006       3,714       1,686           57   (3,357)       26,522    28,622         -    28,622

Balance at 1 July 2006        3,714       1,686           57   (3,357)       26,522    28,622         -    28,622
Shares issued                     5          15            -         -            -        20         -        20
Profit for the financial          -           -            -         -       16,786    16,786        12    16,798
year
Dividends paid                    -           -            -         -      (1,208)   (1,208)         -   (1,208)

Balance at 30 June 2007       3,719       1,701           57   (3,357)       42,100    44,220        12    44,232




Group cash flow statement
for the year ended 30 June 2007


                                                            Year ended                Year ended
                                                             30-Jun-07                 30-Jun-06
                                                                 Euro'000                     Euro'000
Cash flows from operating activities
Profit for the financial year                                   16,798                     9,288
Adjustments for:
Depreciation on property, plant and equipment                      209                       223
Amortisation of intangible assets                                  106                        54
Financial income                                                 (734)                     (255)
Financial expense                                                   10                        20
Income tax expense                                               2,475                     1,278
Operating profit before changes in working
capital and provisions                                          18,864                    10,608
(Increase)/decrease in trade and
other receivables                                              (5,186)                   (3,620)
Increase in trade and other payables and provisions              3,251                     5,715

Cash generated from operations                                  16,929                    12,703
Interest paid                                                     (10)                      (20)
Income tax refund / ( paid)                                    (2,411)                   (1,493)
Interest received                                                  734                       255
Net cash from operating activities                              15,242                    11,445

Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired                (4,888)                     (194)
Deferred consideration paid                                      (151)                     (234)
Purchase of property, plant and equipment                        (319)                     (550)
Purchase of intangible assets                                    (306)                     (140)
Net cash from investing activities                             (5,664)                   (1,118)

Cash flows from financing activities
Repayment of borrowings                                           (41)                      (30)
Proceeds from new loan                                               -                        93
Dividends paid                                                 (1,208)                     (817)
Proceeds from issue of share capital                                20                        41
Net cash from financing activities                             (1,229)                     (713)

Net increase in cash and cash equivalents                        8,349                     9,614
Cash and cash equivalents at beginning of year                  21,275                    11,661
Cash and cash equivalents end of year                           29,624                    21,275





For Further Information:

Anne Heraty, CPL Resources, 01 614 6000

Josephine Tierney, Finance Director, 01 6146000




11 September 2007


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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