2 Sep 2009 07:00
CPL RESOURCES plc
Full Year Results for the Year Ended 30th June 2009
CPL Resources plc, Ireland's leading employment services group, today announced full year results for the year ended 30th June 2009.
Financial Highlights
| | 2009 | 2008 |
| | € | € |
| • Sales | 212.4 m | 257.6 m |
| • Net Fee Income | 35 m | 52.5 m |
| § Operating profit | 0.14m | 19.8m |
| • Adjusted operating profit *** • Profit before tax | 8.2m 1.7m | 19.8m 20.7 m |
| • Basic earning per share § Diluted Earnings per share • Adjusted diluted earning per share | 1.7 cent 1.7 cent 23.4 cent | 48.3 cent 48.3 cent 48.3 cent |
| • Conversion ratio *** | 27.9%*** | 39.4% |
| • Net Cash | 42.5 m | 37.6 m |
| • Dividend per share | 3.0 cent | 5.0 cent |
*** Note this is shown before impairment of goodwill and intangible assets
*
John Hennessy Chairman of the Group said
"The year to 30 June 2009 has been unprecedented in many respects. Economies around the globe have ceased to grow, many have contracted and corporate performance and the confidence of businesses and consumers have fallen in most parts of the developed world.
I am pleased to report that, notwithstanding these challenging circumstances, Cpl has been able to respond in a decisive and disciplined way that has allowed us to remain profitable, to reorganise our operations and reduce costs without compromising service levels, to avail of appropriate opportunities to acquire businesses, to develop new products in response to changing market conditions and to protect and enhance our strong balance sheet.
We expect that the environment in which we operate will continue to be difficult over the coming months. Accordingly, the level of uncertainty remains such that it is not possible to predict our future performance with any accuracy. However, Cpl will continue to deliver excellent service while managing our cost base carefully. "
Commenting on the group's performance and outlook, Cpl Chief Executive, Anne Heraty, said:
"Our results are better than might have been expected considering the difficult economic and employment conditions in the markets in which we operate. Our business in the year to June 2009 reflected the economic and labour market conditions. All our divisions felt the impact especially in the second half of the year as many of our customers dramatically slowed down hiring on a permanent basis.
We achieved many of our business objectives and I am proud of the performance of the Cpl team. As outlined in last year's annual report our business objectives as we entered the year to June 2009 were clear; stay close to our customers, keep our temporary employees in jobs, gain market share and expand internationally while also managing our cost base and maintaining a lean and flexible structure.
We can expect to see an improvement in the economy before we see an improvement in the jobs market. Past cycles indicate that we could see a prolonged period of rising unemployment. This suggests that demand for recruitment services will be weak through 2010. We have significantly reduced our cost base and repositioned our business. The Group has a strong Balance Sheet and we are committed to managing the business for the long term." Chairman's Statement
The year to 30 June 2009 has been unprecedented in many respects. Economies around the globe have ceased to grow, many have contracted and corporate performance and the confidence of businesses and consumers have fallen in most parts of the developed world.
Our business is inextricably linked to the economic cycle in the markets in which we operate and tends to be affected quickly by changes in those markets. This is because decisions related to the recruitment and retention of people are among the first to be influenced by increases and decreases in economic activity. As the current global economic downturn has gathered pace, the inevitable reduction in recruitment activity has had a negative impact on the trading and financial performance of the Cpl Group. The challenge for us has been to anticipate, prepare for and react appropriately to this significant reduction in activity.
I am pleased to report that, notwithstanding these challenging circumstances, Cpl has been able to respond in a decisive and disciplined way that has allowed us to remain profitable, to reorganise our operations and reduce costs without compromising service levels, to avail of appropriate opportunities to acquire businesses, to develop new products in response to changing market conditions and to protect and enhance our strong Balance Sheet.
In the twelve months to 30 June 2009 fees from our permanent placement business fell by 50% to €12.2 million, and we generated a gross profit of €22.3 million from our temporary business in the same period, a reduction of 20%. Despite these reductions, we achieved an adjusted operating profit of €8.2 million. When we include the net interest earned of €1.5 million the profit before tax and impairment charges for the year was €9.7 million. This performance represents a considerable achievement in very difficult circumstances and is a testament to the hard work, dedication and innovation of our management and staff.
As might be expected, the reduction in business activity caused by the economic downturn, combined with the uncertain trading conditions facing us in the near future, have given rise to the need to recognise impairments in the carrying values of goodwill that arose from the acquisitions of certain businesses in recent years. The total impairment charge required on foot of this review is €8 million.
The strength of Cpl's Balance Sheet is demonstrated by the reported cash balance of €42.5 million at 30 June 2009. Our debtor days remain at 35.6 days, similar to last year, and we remain focused on ensuring that cash is collected from debtors as quickly as possible. As a result, we have not experienced any significant increase in levels of bad or doubtful debts.
I am particularly grateful to everyone who has worked with Cpl in a very challenging year. We are operating in more difficult times but we are fortunate to have a group of highly skilled and motivated people who are committed to the Group and are constantly looking for new ways to deliver value and outstanding service to our clients and candidates. 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 1.5 cent per share. This will bring the total dividend for the year to 3 cent. The dividend will be payable on 27 November 2009 to shareholders on the company's register at the close of business on the record date of 13 November 2009.
Outlook
As I write, commentators are suggesting that the worst of the economic downturn is behind us in the principal markets in which we operate. Our recent experience on the ground indicates that these observations may be somewhat optimistic, and we expect that the environment in which we operate will continue to be difficult over the coming months. Accordingly, the level of uncertainty remains such that it is not possible to predict our future performance with any accuracy. However, Cpl will continue to deliver excellent service while managing our cost base carefully. We believe that our market position, our outstanding people and our strong Balance Sheet will allow us to remain successful in the short term and to avail of the opportunities that will present themselves as and when market conditions improve.
John Hennessy
Chairman
2 September 2009
Chief Executives Review
I am pleased to report that the Group has continued to generate both profits and cash. Profit before tax excluding impairment of Goodwill and Intangible assets was €9.7 million in the year to June 2009. Cash generated from operating activities was €9.1 million and net cash at year end stood at €42.5 million.
Our results are better than might have been expected considering the difficult economic and employment conditions in the markets in which we operate. Economic activity in Ireland declined as the economy was gripped by a severe recession. GNP contracted at an unprecedented rate, down 12% year on year in the first quarter of 2009. Labour demand broadly follows economic activity and the contraction in the economy resulted in severe job losses and rapidly rising unemployment. The numbers of unemployed more than doubled between quarter one 2008 and quarter one 2009. The rate of increase in the numbers of people joining the Live Register on a weekly basis slowed in quarter two 2009 which some economic commentators regard as an indication that we are past the worst. However we regard the fact that the number of redundancies in quarter two was the largest on record as cause for concern.
Our business in the year to June 2009 reflected the economic and labour market conditions. All our divisions felt the impact especially in the second half of the year as many of our customers dramatically slowed down hiring on a permanent basis. Our results demonstrate our ability to respond to these severe market conditions. We achieved many of our business objectives and I am proud of the performance of the Cpl team:
We were profitable generating €9.7m profit before tax, goodwill and intangible asset impairment charges
We placed over 13,500 people in work during the year;
We reduced our cost base by €5.5 million in the year;
We have deepened our relationship with and retained our existing customers while also winning new customers and building market share;
We have rebranded several of our businesses under the Cpl brand;
We set up a new training academy and we have instituted new training standards;
We have developed a new business Career Consultants who provide Outplacement and Career Transition services to individuals and organisations;
We have expanded our outsourcing capability with state of the art call centres in Dublin and Cork;
We acquired the business and assets of Kenny Whelan and Associates. Kenny Whelan has a strong reputation in the pharmaceutical, biotechnology, medical devices and oil & gas sectors;
Since year end we have acquired the assets of Nifast, Ecom Interaction and Techstaff.
Financial Highlights
Group revenue declined by 18% to €212.4 million in the year to 30 June 2009 (2008: €257.6 million).
Gross profit was €35 million (2008: €52.5 million) down 33%. The Group's gross margin decreased to 16.5% down from 20.4% in 2008, as a result of the change in business mix between permanent and temporary placements.
Profit before tax was €1.7 million (2008: €20.7 million) down 92%. This result is after goodwill and intangible assets impairment charges of €8 million, non-recurring costs of €0.66 million offset by a credit for negative goodwill arising on an acquisition of €0.4 million. Earnings per share were 1.7 cent, adjusted earnings per share before impairment were 23.4 cent.
Operating expenses (excluding impairment losses) were €26.8 million (2008: €32.7 million) down 18%. The majority of our cost base relates to our staff with the other main elements being property and technology costs. Salaries were down 21% as result of reduction in headcount from 483 to 333. Our monthly cost base in June 2009 is 43% lower than June 2008
At 30 June 2009, the Group had net cash (including short term deposits) of € 42.5 million (2008: €37.6million). Net interest received in the year was €1.5 million (2008: €908,000). We incurred no material bad debts in the period and our debtor days of 35.6 days at 30 June 2009, continue to be among the best in our industry.
Financial Highlights (continued)
We paid our shareholders an interim dividend of 1.5 cent per share on the 11 March 2009. The Board is recommending a final dividend of 1.5 cent per share in respect of the year to 30 June 2009, for payment on
29 November 2009, to shareholders on the register at 13 November 2009.
In light of the unprecedented changes in the economy and in the performance of our business, we reviewed the carrying value of all our acquisitions. Unfortunately we formed the view that it is prudent to take an impairment charge to the accounts to reflect the appropriate carrying value of these assets. The carrying value of goodwill and intangible assets (excluding software) on the Group balance sheet is €9.6 million at 30 June 2009 (2008:€18 million)
Operations Review
Cpl Resources plc is a leader in the provision of specialist recruitment and outsourcing services. Our capability now spans the entire employment lifecycle and includes permanent, temporary and contract recruitment, workforce management, training, performance consulting and career transition. We have a broad and diverse range of customers from market-leading multi-nationals to small and medium enterprises.
As outlined in last year's annual report our business objectives as we entered the year to June 2009 were clear, stay close to our customers, keep our temporary employees in jobs, gain market share and expand internationally while also managing our cost base and maintaining a lean and flexible structure.
Staying close to our customers and helping them adjust their workforces to the current environment was a key focus for us during the year. Our customers need workforce flexibility particularly in difficult times and we provide skilled technology, finance & accounting, healthcare, administrative, sales, retail and light industrial staff to them whenever they need them and for as long as they need them. All our recruiters made significant efforts to keep our highly valued temporary and contract workforce in employment. We placed more than 13,500 people on assignment during the year.
We focused on managing our cost base while maintaining a flexible business model to enable us to meet our long term objectives. Following a detailed review of each division we implemented cost reduction initiatives which gave us cost savings of €5.5 million in the year. This equates to annualised savings going forward of €9 million before acquisitions. Simultaneously, we invested in enhancing our IT capability. We upgraded our healthcare systems to increase efficiency in front and back office to better serve our candidates and customers.
We continually review and measure our progress and our key performance indicators are outlined below.
Key performance indicators
|
|
| 2009 | 2008 |
| Gross Margin | 16.5% | 20.4% | |
| Operating Margin - before impairment of goodwill and intangible assets | 3.8% | 7.7% | |
| Conversion Ratio - before impairment of goodwill and intangible assets | 27.9% | 39.4% | |
|
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| Permanent Fees as % of total gross profit | 35% | 47% | |
| Temporary Fees as % of total gross profit | 65% | 53% | |
|
| |||
| Contractor and temporary staff headcount at year end | 4,860 | 5,143 | |
|
| |||
| Number of Recruiters at year end | 194 | 299 |
Our gross margin in 2009 was impacted by the change in our business mix and by the price reductions we gave to our existing customers to help them through this incredibly difficult economic downturn. Fees for temporary staff recruitment declined by 20% and represented 65% of gross profit in 2009. Our permanent business, which generates 100% gross margin, declined by 50% and represented 35% of gross profit in 2009.
Our operating margin and our conversion ratio of gross profit to profit before tax were severely impacted by the economic environment. In recession it takes longer to place a candidate in a permanent job. This reduces the productivity of our recruiters and has a corresponding impact on our conversion ratio.
Permanent Placement - The majority of our permanent placement business is in the services sector. This was the sector most impacted by the recession and it accounted for over half of all redundancies in the economy in the first half of calendar 2009. Rising unemployment has affected workers of almost all educational backgrounds and occupations. During the first half of the year Cpl experienced a weakening in demand for permanent placement. This trend accelerated in the second half of the year with a severe fall off in the number of permanent placements as our clients virtually stopped hiring. The decline in fee income from permanent placement was 50% in the year to June 2009.
Temporary/contract placement
Our temporary and contract staff work in a wide range of industries and functional areas. We source challenging assignments for them and pay competitive rates while also providing flexible work options. Temporary and contract work is increasingly perceived as an attractive option by individuals. It enables them to gain a broad range of experience, build their skills and therefore increase their earning potential.
For many businesses flexibility is essential for success particularly in a difficult economic climate. Effective utilisation of temporary and contract staff can help improve competitiveness and productivity. As a result, our temporary/contract placement was relatively more resilient during the year to June 2009. While the volume of placements held up we came under severe pricing pressure in the second half of the year. We put more than 8,000 people to work on customer sites during the year. Fees from temporary/contract placement were 65% of total fees.
Overseas Offices
Our Central and Eastern Europe offices have experienced difficult conditions particularly in the second half of the year. Our business currently is substantially permanent placement in these geographies and as a result is more exposed to the economic cycle. As these markets develop there will be significant opportunity for temporary staffing. Notwithstanding the challenging environment we are facing we remain committed to building our market share in each of these markets in a measured and structured way.
Organic Expansion
In Feb 2009 Cpl launched an important new organic growth initiative in career transition and outplacement. This service is provided through Career Consultants who offer both individuals and companies support through change in the workplace. Many of Cpl's customers have embarked on change programs involving restructuring of their workforce and Career Consultants programs enables companies to support their employees in managing career change.
Acquisitions
In line with our stated strategy, to increase the range of services we offer to our customers, we acquired the business and assets of the following companies.
| | |
| June 2009 | Kenny Whelan & Associates, a niche provider of engineering recruitment services to the Pharmaceutical, Biotechnology, Medical Device, Oil & Gas, and Semiconductor sectors. Kenny Whelan has an outstanding reputation for the quality of service, speed of response and access to highly skilled candidates. |
| | |
| July 2009 | Nifast is one of Irelands leading providers of training and consultancy in all aspects of health & safety. Established 22 years ago, Nifast assists companies in reducing the risks of accidents in the workplace and in managing their health and safety compliance to fulfil their statutory duties as employers. |
| | |
| July 2009 | Ecom Interaction is a business process outsourcing company for customer contact management, outsourced insurance administration and back-office processes. They have a blue chip customer base in finance, technology and commercial sectors. |
Cpl continues to look for suitable acquisition opportunities in order to enhance our service offering to our customers and to improve the geographic balance of our business.
People
The focus of our people was outstanding during the past year. I want to take this opportunity to thank all of them for delivering for our candidates and clients and for their hard work and commitment. I would like to welcome those people who joined us during the year, especially those who were employees of the businesses we acquired.
Outlook
The contraction in the Irish economy is expected to continue throughout 2009 and 2010. GNP is predicted to fall by -8.9% and -2.3% respectively (ESRI). At that rate GNP per head will be lower than 2002 levels. Demand for labour and economic growth is interconnected. However, the labour market is regarded as a lagging indicator consequently we can expect to see an improvement in the economy before we see an improvement in the jobs market. Past cycles indicate that we could see a prolonged period of rising unemployment. This suggests that demand for recruitment services will be weak through 2010. We do not underestimate the challenges ahead and expect the next year to be very difficult. We have significantly reduced our cost base and repositioned our business. Our sales force and delivery teams are committed to providing our customers with innovative and flexible solutions to meet their business needs in a constantly changing environment. The Group has a strong Balance Sheet and we are committed to managing the business for the long term.
Group income statement
for the year ended 30 June 2009
|
| Before impairment losses | Impairment losses | Year ended | Year ended |
|
| 30 Jun 2009 | 30 Jun 2009 | 30 Jun 2009 | 30 Jun 2008 |
| €'000 | €'000 | €'000 | €'000 | |
| Revenue | 212,398 | - | 212,398 | 257,640 |
| Cost of sales | (177,410) | - | (177,410) | (205,162) |
| Gross profit | 34,988 | - | 34,988 | 52,478 |
| Distribution expenses | (1,575) | - | (1,575) | (2,296) |
| Administrative expenses | (25,209) | (8,061) | (33,270) | (30,413) |
| Operating profit | 8,204 | (8,061) | 143 | 19,769 |
| Financial income | 1,552 | 928 | ||
| Financial expenses | (12) | (20) | ||
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| Profit before tax | 1,683 | 20,677 | ||
| Income tax expense | (1,002) | (2,657) | ||
|
|
| |||
| Profit for the Financial Year | 681 | 18,020 | ||
| Attributable to: | ||||
| Equity Shareholders | 639 | 17,976 | ||
| Minority interest | 42 | 44 | ||
| 681 | 18,020 | |||
| Basic earnings per share | 1.7 cent | 48.3 cent | ||
| Diluted earnings per share | 1.7 cent | 48.3 cent |
Group Balance Sheet
for the year ended 30 June 2009
| Period ended | Year ended | |
| 30 Jun 2009 | 30 Jun 2008 | |
| €'000 | €'000 | |
| Assets | ||
| Non-current assets | ||
| Property, plant and equipment | 1,444 | 1,541 |
| Goodwill and Intangible assets | 9,979 | 18,513 |
| Deferred tax asset | 263 | 4 |
| Total non-current assets | 11,686 | 20,058 |
| Current assets | ||
| Trade and other receivables | 29,424 | 35,086 |
| Corporation tax refundable | 409 | - |
| Short term bank deposits | 19,995 | 37,622 |
| Cash and cash equivalents | 22,505 | - |
| Total current assets | 72,333 | 72,708 |
| Total assets | 84,019 | 92,766 |
| Equity | ||
| Issued capital | 3,720 | 3,720 |
| Share premium | 1,705 | 1,705 |
| Merger reserve | (3,300) | (3,300) |
| Retained earnings | 57,460 | 58,309 |
| 59,585 | 60,434 | |
| Minority Interest | 98 | 56 |
| Total equity | 59,683 | 60,490 |
| Liabilities | ||
| Non-current liabilities | ||
| Financial liabilities | 81 | 69 |
| Provisions | - | 268 |
| Total non-current liabilities | 81 | 337 |
| Current liabilities | ||
| Financial liabilities | 34 | 18 |
| Bank overdraft | - | 76 |
| Trade and other payables | 23,814 | 29,059 |
| Corporation tax payable | - | 182 |
| Provisions | 407 | 2,604 |
| Total current liabilities | 24,255 | 31,939 |
| Total liabilities | 24,336 | 32,276 |
| Total equity and liabilities | 84,019 | 92,766 |
Group statement of changes in shareholders' equity
for the year ended 30 June 2009
| Capital | ||||||||
| conversion | ||||||||
| Share | Share | Reserve | Merger | Retained | Minority | Total | ||
| capital | premium | fund | reserve | earnings | Total | interest | equity | |
| €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | |
| Balance at 1 July 2007 | 3,719 | 1,701 | 57 | (3,357) | 42,100 | 44,220 | 12 | 44,232 |
| Shares issued | 1 | 4 | - | - | - | 5 | - | 5 |
| Profit for the financial year | - | - | - | - | 17,976 | 17,976 | 44 | 18,020 |
| Dividends paid | - | - | - | - | (1,767) | (1,767) | - | (1,767) |
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| Balance at 30 June 2008 | 3,720 | 1,705 | 57 | (3,357) | 58,309 | 60,434 | 56 | 60,490 |
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| |
| Balance at 1 July 2008 | 3,720 | 1,705 | 57 | (3,357) | 58,309 | 60,434 | 56 | 60,490 |
| Profit for the financial year | - | - | - | - | 639 | 639 | 42 | 681 |
| Dividends paid | - | - | - | - | (1,488) | (1,488) | - | (1,488) |
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| Balance at 30 June 2008 | 3,720 | 1,705 | 57 | (3,357) | 57,460 | 59,585 | 98 | 59,683 |
Group cash flow statement
for the year ended 30 June 2009
| Period ended | Year ended | |
| 30 Jun 2009 | 30 Jun 2008 | |
| €'000 | €'000 | |
| Cash flows from operating activities | ||
| Profit for the financial year | 681 | 18,020 |
| Adjustments for: | ||
| Depreciation on property, plant and equipment | 437 | 347 |
| Profit on disposal of Fixed assets | - | (32) |
| Amortisation of Intangible assets | 409 | 394 |
| Financial income | (1,552) | (928) |
| Financial expense | 12 | 20 |
| Income tax expense | 1,002 | 2,657 |
| Impairment of Goodwill | 7,157 | - |
| Impairment of intangible assets | 904 | - |
| Operating profit before changes in working | ||
| capital and provisions | 9,050 | 20,478 |
| Decrease/(Increase) in trade and | ||
| other receivables | 6,459 | (7,473) |
| Increase in trade and other payables and provisions | (5,017) | 4,526 |
| Cash generated from operations | 10,492 | 17,531 |
| Interest paid | (12) | (20) |
| Income tax refund / ( paid) | (1,852) | (2,282) |
| Interest received | 1,405 | 777 |
| Net cash from operating activities | 10,033 | 16,006 |
| Cash flows from investing activities | ||
| Acquisition of subsidiary, net of cash acquired | - | (3,450) |
| Acquisition of business, net of cash acquired | (760) | |
| Deferred consideration paid | (2,416) | (1,902) |
| Purchase of property, plant and equipment | (340) | (622) |
| Sale of property , Plant and equipment | - | 63 |
| Purchase of intangible assets | (75) | (160) |
| Purchase of investments | ||
| Trsnsfer to short term deposits | (19,995) | |
| Net cash from investing activities | (23,586) | (6,071) |
| Cash flows from financing activities | ||
| Repayment of borrowings | - | (338) |
| Proceeds from new loan | - | 87 |
| Dividends paid | (1,488) | (1,767) |
| Proceeds from issue of share capital | 5 | |
| Net cash from financing activities | (1,488) | (2,013) |
| Net increase in cash and cash equivalents | (15,041) | 7,922 |
| Cash and cash equivalents at beginning of year | 37,546 | 29,624 |
| Cash and cash equivalents end of year | 22,505 | 37,546 |
CPL Resources plc
Notes to Preliminary results for the year ended 30 June 2009.
1 Basis of preparation
The financial information included in this preliminary result statement has been extracted from the Group's financial statements for the year ended 30 June 2009 and is prepared based on the accounting policies set out therein which are consistend with those applied in the prior year. As permitted by European Union (EU) law and in accordance with AIM/IEX rules, the Group financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and their interpretations issued by the International Accounting Standards Board (IASB) as adopted by the EU. The Group Financial Statements have been approved by the Board of Directors on 1 September 2009 and will be filed with the Irish Registrar of Companies and circulated to shareholders in due course.
The financial information is presented in euro, rounded to the nearest thousand.
| 2 Income tax expense | 2009 | 2008 |
| €'000 | €'000 | |
| Recognised in the income statement: | ||
| Current tax expense | ||
| Current year | 1,353 | 2,098 |
| Adjustments for prior years | (86) | - |
| Current tax expense | 1,267 | 2,098 |
| Deferred tax | ||
| Origination and reversal of temporary differences | (265) | (41) |
| Total tax in the income statement | 1,002 | 2,657 |
| Reconciliation of effective tax rate | 2009 | 2008 |
| €'000 | €'000 | |
| Profit before tax | 1,683 | 20,677 |
|
|
| |
| Tax based on Irish corporation tax rate of 12.5% (2008: 12.5%) | 210 | 2,585 |
| Non-deductible items | 40 | 41 |
| Goodwill impairment losses not deductible for tax purposes | 894 | - |
| Non-taxable adjustment for negative goodwill | (52) | - |
| Income taxed at higher rate | 194 | 114 |
| Losses utilised | (171) | (91) |
| Foreign income taxed at higher rate | 40 | 21 |
| Other timing differences | (67) | (13) |
| Over provision in prior year | (86) | - |
|
|
| |
| Total tax in income statement | 1,002 | 2,657 |
3 Impairment losses
| 2009 | 2008 | |
| €'000 | €'000 | |
| Goodwill impairment charge | 7,157 | - |
| Intagible asset impairment charge | 904 | - |
| 8,061 | - |
| 4 Earnings per share | 2009 | 2008 |
| €'000 | €'000 | |
| Numerator for basic and diluted earnings per share: | ||
| Profit for the financial year attributable to equity shareholders | 639 | 17,976 |
| Denominator for basic earnings per share: | ||
| Weighted average number of shares in issue | ||
| for the year | 37,211,825 | 37,208,800 |
| Effect of dilutive potential ordinary shares (share options) | 7,023 | 35,987 |
| Denominator for diluted earnings per share: | 37,218,848 | 37,244,787 |
| Basic earnings per share | 1.7 cent | 48.3 cent |
| Diluted earnings per share | 1.7 cent | 48.3 cent |
| 2009 | 2008 | |
| €'000 | €'000 | |
| Adjusted fully diluted earnings per share | ||
| Profit for the financial year attributable to equity shareholders | 639 | 17,976 |
| Adjustments | ||
| Impairment losses | 8,061 | - |
| Adjusted fully diluted earnings | 8,700 | 17,976 |
| Denominator for adjusted diluted earnings per share: | 37,218,848 | 37,244,787 |
| Adjusted fully diluted earnings per share | 23.4 cent | 48.3 cent |
For Further Information:
Anne Heraty, CEO , CPL Resources, 01 6146000
Josephine Tierney, Finance Director, 01 6146000
Ends