CPL Resources PLC AGM Trading Update and EGM Statement (3863U)
October 23 2017 - 11:45AM
UK Regulatory
TIDMCPS
RNS Number : 3863U
CPL Resources PLC
23 October 2017
23 October 2017
Cpl Resources plc
Update on Trading and Capital Returns
Cpl Resources plc ('Cpl' or the 'Group'), Ireland's leading
employment services group, held its Annual General Meeting ('AGM')
today in Dublin. The AGM was followed by an Extraordinary General
Meeting ('EGM') to consider the resolutions necessary to implement
a capital return of EUR25 million by way of a tender offer (the
"Tender Offer").
As announced separately, Cpl shareholders approved all
resolutions proposed at the AGM and EGM.
Trading Update
At the AGM, the Chairman Mr John Hennessy made the following
statement:
"On 7 September 2017 we announced our results for the year ended
30 June 2017. The Group reported record revenues of EUR455 million
and a 3% increase in both Gross Profit and Profit Before Tax. The
Group has a strong balance sheet with net assets in excess of
EUR103 million and net cash of over EUR33 million at the year
end.
The Group has had a solid start to the new financial year. The
UK healthcare segment continues to be challenging. Economic
indicators today remain positive and we expect to perform in line
with market expectations in the months ahead.
We continue to grow organically and explore potential strategic
partnerships and acquisitions in our key sectors and markets.
The effects of Brexit still remain unclear and our position
remains that there will be both challenges and opportunities for
Cpl".
Capital Returns
At the AGM, Cpl shareholders approved a final dividend of 5.75
cent per share, bringing the total dividend for the year to 11.5
cent per share, an increase of 5%.
At the EGM, shareholders also approved the proposed Tender Offer
for a capital return of EUR25 million to Cpl shareholders.
At the EGM, Chairman Mr John Hennessy made the following
statement:
"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. We believe that a return of capital represents the an
effective use of shareholder funds and that the continued strength
of the Group's balance sheet, and its cashflow generation after the
return of those funds, will be sufficient to pursue the Company's
stated growth objectives."
-End-
For Further Information:
Anne Heraty, CEO, CPL Resources Plc: +353 1 614 6000
Mark Buckley, Deputy CEO & COO, CPL Resources Plc: +353 1
614 6000
Ivan Murphy/ Daragh O'Reilly, Davy Corporate Finance: +353 1 679
6363
Melanie Farrell/Jonathan Neilan, FTI Consulting: +353 1 765
0883
This information is provided by RNS
The company news service from the London Stock Exchange
END
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