Careers Register Acquired for IR£2.97m

CPL Resources PLC
4 April 2000


CPL RESOURCES PLC ('CPL')

CPL ACQUIRES CAREERS REGISTER FOR IR£2.97 MILLION

BEGINNING OF FURTHER EXPANSION PHASE FOR IRELAND'S TOP IT RECRUITER


The board of CPL is pleased to announce that it has acquired all of the share
capital of Careers Register for a consideration of IR£2.97 million to be paid
for in cash. Careers Register is one of the leading niche recruitment firms
based in Dublin, which specialises in accountancy and financial sector
appointments. The ultimate consideration could increase to IR£3.69 based on
the attainment of certain financial targets under an incentive scheme. CPL is
Ireland's largest top end IT recruitment company and the acquisition gives the
company a major share of the mid-level financial recruitment market.  

In the fourteen month period to 29 February 2000 Careers Register had Turnover
of IR£2.3 million and maintainable profit before tax of IR££643,272. At 29
February 2000 the company had net assets of IR£179,644.

Commenting, Anne Heraty, Managing Director of CPL said, 'Buying Careers
Register is an important strategic move for CPL. We are now looking to repeat
the success in financial recruitment that we have demonstrated in our IT
recruitment business. We are already in the financial recruitment sector but
this gives us a quantum leap in a market that is likely to expand
significantly much of it driven by the financial back up needed by our
existing clients, the major IT companies. We believe there will be an
excellent fit between Careers Register and our existing business in this
area'.

Mr John Hennessy Chairman of CPL Resources, 'When we floated last summer we
said that we intended to play an active role in the rapid consolidation that
is taking place in the recruitment industry both internationally and here in
Ireland. This acquisition represents the first step in that direction and we
are continuing to evaluate other opportunities both here and in certain key
continental markets'. 

All 12 Careers Register employees, including David Wilkes and James Fitzsimons
who own the company, will be staying on with CPL following the acquisition. 

 


Additional Information

Background on Careers Register
Careers Register was founded 30 years ago and operates from a single premises
in Anglesea Street, Dublin. It is one of Ireland's leading financial
recruitment specialists having evolved a strong branded niche service,
recruiting finance and accounting personnel at all levels, both on a temporary
and permanent basis. The two shareholders are David Wilkes and James
Fitzsimons both of whom will be staying on with CPL following the acquisition.


Careers Register has a strong client franchise with existing indigenous
manufacturing and service industries and has more recently expanded into the
national and multinational telecom and IT industries. Through its direct and
indirect marketing campaigns the company has targeted key clients in the
financial services industry including the IFSC and fund administration sector.
It has also been successful in recruiting exclusively for a number of
high-profile IFSC start-ups.

Background on CPL
CPL is a leading Irish staffing services organisation specialising in
providing IT professionals for permanent and contract positions throughout
Ireland. The organisation has two existing operating subsidiaries; the
permanent placement business operated by Computer Placement and the contract
business operated by CPL Solutions. The group has grown strongly and recently
reported its interim results for the six months to 31 December, 1999. Net fee
income of EUR5 million was 37% up on the same period in the previous year
(1998 : EUR3.7 million). Pre tax profits increased by 32% to EUR2 million
(1998 : EUR1.5 million). EPS amounted to EUR4c an improvement of 33%


For further information please contact:

Anne Heraty
CPL Resources plc          353 1 614 6000

Ivan Murphy
Davy Corporate Finance     353 1 679 6363

Conal O'Morain
Slattery PR                353 1 661 4055