Final Results

CPL Resources PLC
20 September 2001



CPL RESOURCES PLC

Diversification at CPL Resources delivers revenues up 34%

CPL Resources plc, Ireland's leading employment services group, today
announced full year results for the year ended 30th June 2001.

Highlights

* Net fee income increased by 30% to EUR15,6m (2000: EUR 12m)
* PBT increased by 12.7% to EUR5.15m (2000: EUR4.57), on sales of EUR35m
  (2000: EUR26m), up 34.6%.
* EPS increased by 18.3%, to 11.0 cents (2000: 9.3 cents)
* Proposed final dividend per share 0.65 cents bring the total dividend for   
  the year to 1.25 cents per share.
* IT contractors on assignment increased to 195 up 24% (2000: 157)
* Strong organic growth across specialist sectors Technology, Finance &  
  Accounting, Office Support, Sales and Pharmaceutical.
* Reducing debtor days by 25% released some EUR1.8 m of working capital. 
* Net Funds at June 2001 were EUR4.3m.


Commenting on the results, Anne Heraty, chief executive of CPL, said: 'I am
pleased to report strong, double-digit growth, consolidating our position as
Ireland's leading recruitment and employment services group.  Revenue
increased by 34.6% to EUR35 million and Net Fee Income increased by 30% to
EUR15.15 million.  Pre-tax profits increased by 13% to EUR5.14 million.  Basic
earnings per share increased from 9.3 cents to 11 cents, an increase of 18%. 
Our net funds at the year-end were EUR4.3million.

'The results are our best yet, despite a difficult trading climate in 2nd half
of year.  The downturn in the technology sector has impacted revenues in that
area of our business, and will continue to do so, especially with the likely
economic conditions in the aftermath of the US terrorist attacks.

'However, last year was a good year for our IT contracting division. The
average number of contractors on assignment during the year was 195 compared
with 157 in the year to June 2000.  Performance in the Financial and
Accounting division was also strong.

'Weaknesses in the technology division have also been offset through our
diversification strategy and a tighter focus on costs.  Our acquisition of
financial and accounting recruitment firm, Careers Register in April 200, a
broadening of the range of employment services offered to existing clients,
and internal organic growth in areas such as pharmaceutical recruitment, have
reduced our exposure to technology. 

'The year ahead will be challenging for the group. The continuing weakness in
the IT sector and the increasing uncertainty in the global economy will
combine to make our trading environment difficult. Nevertheless, we continue
to be committed to pursuing opportunities for profitable growth, both
organically and by acquisition. We remain confident that we will consolidate
our position as the leading employment services organisation in Ireland'

 
CPL Resources Plc
Consolidated Profit and Loss Account
For the Year Ended 30 June 2001
                                                        2001         2000 
                                                     EUR'000      EUR'000

Turnover                                              35,003       26,004

Cost of sales                                        (19,402)     (14,008)
                                                   ---------    ---------
Gross Profit                                          15,601       11,996
      
Administrative expenses                               (9,097)      (6,132)
Distribution expenses                                 (1,243)      (1,255)
                                                   ---------    ---------
Operating Profit                                       5,261        4,609
Interest payable and similar charges                    (113)         (41)
                                                   ---------    ---------
Profit on Ordinary Activities before Taxation          5,148        4,568

Taxation on profit on ordinary activities             (1,182)      (1,211)
                                                   ---------    ---------
Profit for the Financial Year                          3,966        3,357
Dividends paid and proposed                             (452)        (364)
                                                   ---------    ---------
Retained profit for the year                           3,514        2,993

Profit and Loss Account, start of year                 6,241        3,248
                                                   ---------    ---------
Profit and Loss Account, end of year                   9,755        6,241
                                                       =====        =====
Earnings per ordinary share                       11.0 cents    9.3 cents
                                                   ---------    ---------
Fully diluted earnings per ordinary share         10.7 cents    9.0 cents
                                                   ---------    ---------
 
CPL Resources Plc
Consolidated Balance Sheet - 30 June 2001


      
                                                        2001         2000
                                                     EUR'000      EUR'000
Fixed Assets 
Tangible assets                                        1,347        1,418
Intangible assets                                      3,565        4,618
                                                    --------     --------
                                                       4,912        6,036
                                                    --------     --------
Current Assets
Debtors                                                7,303        9,117
Cash at bank and in hand                               6,523        2,594
                                                    --------     --------
                                                      13,826       11,711
Creditors: Amounts falling due within one year        (5,736)      (7,116)
                                                    --------     --------
Net Current Assets                                     8,090        4,595
                                                    --------     --------
Total Assets less Current Liabilities                 13,002       10,631

Creditors: Amounts falling due after more than one 
year                                                  (1,211)      (2,354)

Provisions for Liabilities and Charges - deferred  
taxation                                                 (60)         (60)
                                                    --------     --------
Net Assets                                            11,731        8,217
                                                       =====         ====
Capital and Reserves
Called up share capital                                3,620        3,620
Capital conversion reserve fund                           57           57
Share premium                                          1,656        1,656
Merger reserve                                        (3,357)      (3,357)
Profit and loss account                                9,755        6,241
                                                    --------     --------
Shareholders' Funds - all Equity                      11,731        8,217
                                                       =====         ====

 
CPL Resources Plc
Consolidated Cash Flow Statement
For the Year Ended - 30 June 2001
                                                        2001         2000
                                                     EUR'000      EUR'000

Net Cash Inflow from Operating Activities              7,061        4,081

Returns on Investments and Servicing of Finance         (295)         (41)
Taxation                                              (1,208)      (1,020)

Capital Expenditure and Financial Investment            (160)        (505)

Acquisitions, net of Cash acquired                    (1,249)      (2,640)

Equity Dividends paid                                   (217)        (182)
                                                     -------     --------
Cash Inflow/Outflow before Financing                   3,932         (307)
Financing                                                  3        1,153
   
Amounts paid to Shareholders                               -       (2,264)
                                                     -------     --------
Increase/(decrease) in cash                            3,935       (1,418)
                                                        ====         ====
Reconciliation of Net Cash Flow to Movement in Net Debt    
Increase (decrease) in cash in the year                3,935       (1,418)
Cash inflow from increase in debt and lease financing     (3)      (1,463)
                                                     -------    ---------
Movement in Net Funds in the Year                      3,932       (2,881)

Net Funds, beginning of year                             373        3,254
                                                     -------      -------
Net Funds, end of year                                 4,305          373
                                                        ====         ====

For Further Information:
Anne Heraty, CPL Resources, 01 614 6000
Brian Whelan, Whelan Communications, 01 676 8877 / 086 817 7178
Kevin Fitzsimons, Whelan Communications, 01 676 8877 / 087 290 7337