Interim Results

CPL Resources PLC
29 January 2003

                               CPL RESOURCES PLC




Chairman's statement


CPL Resources plc continues to face a challenging marketplace and a difficult
trading environment. Among the key drivers of our business are the Irish economy
and the global information technology sector, and neither of these is showing
any real indication of sustained recovery from recent difficult times. News of
job cuts by many employers in Ireland, particularly in the technology sector,
suggests that inward investment and employment demand will continue to be weak
in the local market.


I am pleased to report that CPL's response to these difficult external factors
has continued to be careful, decisive and effective. Two acquisitions within the
last six months have helped the group to continue to diversify our business and
to reduce our reliance on the permanent placement of IT staff. The group now
operates across a variety of industries, and the placement of temporary
employees and contractors with a wide range of clients has become a much more
significant part of our business.


This positive response to a difficult and changing market has resulted in net
fee income of €5.1 million for the six months to 31 December 2002, an increase
of 16% on the same period last year. Pre-tax profits in the six months were
€696,000 (2001 - €673,000) and fully diluted earnings per share were unchanged
at 1.5 cent. Net assets at 31 December 2002 were €12.7 million (30 June 2002 -
€12.3 million).


Our new acquisitions, Techskills Resources Limited and Multiflex Limited,
specialise in the provision of flexible staffing solutions to clients. These
businesses were acquired in September 2002, have been successfully integrated
into the Group and are contributing to Group profits. The seasonal nature of
certain aspects of these businesses has caused a temporary reduction in our net
cash balances at 31 December 2002.


The past six months have been successful for CPL, particularly when viewed in
the light of the challenges facing us. I would like to extend my appreciation to
our customers for their continued loyalty and support and to the entire team in
CPL for their continued professionalism, commitment, hard work and dedication.


The remainder of our fiscal year to 30 June 2003 promises a continuation of the
challenging environment of the recent past. We will continue to respond
positively, to seek further opportunities to expand and diversify and to take
advantage of any positive developments in our markets.




The Directors have recommended an interim dividend of 0.3 cent per ordinary
share. Dividends will be due and payable on 7th April 2003 to holders of
ordinary shares at close of business on the record date of 7th February 2003.



John Hennessy

Chairman

Registered Office:

83 Merrion Square

Dublin 2

29th January 2002



                               CPL RESOURCES PLC

                      CONSOLIDATED PROFIT AND LOSS ACCOUNT

                    FOR THE HALF YEAR ENDED 31 DECEMBER 2002

                                                           Half year ended          Half year ended       Year ended
                                                                    31-Dec                   31-Dec           30-Jun
                                           Notes                      2002                     2001             2002
                                                                     €'000                    €'000            €'000
                                                               (Unaudited)              (Unaudited)        (Audited)
Turnover
- Continuing operations                                             17,316                   12,147           22,878
- Acquisitions                                                       6,060            -                        4,420
                                                                    23,376                   12,147           27,298
Cost of sales                                                     (18,259)                  (7,745)         (18,470)
Gross Profit                                                         5,117                    4,402            8,828
Administrative expenses                                            (3,935)                  (3,362)          (6,785)
Distribution expenses                                                (521)                    (403)            (852)

Operating Profit
- Continuing operations                                                528                      637              934
- Acquisitions                                                         133            -                          257
                                                                       661                      637            1,191
Interest, net                                                           35                       36              111

Profit on Ordinary Activities before
Taxation                                                               696                      673            1,302
Taxation on profit on ordinary activities                            (145)                    (124)            (319)

Profit on Ordinary Activities after
Taxation                                                               551                      549              983
Dividends paid and proposed                                          (109)                    (217)            (452)

Retained Profit for the Financial Period                               442                      332              531

Profit and Loss Account, start of the
period                                                              10,286                    9,755            9,755

Profit and Loss Account, end of
Period                                                              10,728                   10,087           10,286

Earnings per Ordinary Share                                      1.5 cents                1.5 cents        2.7 cents





                               CPL RESOURCES PLC

               CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2002
                                                                     31-Dec                 31-Dec          30-Jun
                                                                       2002                   2001            2002
                                                                      €'000                  €'000           €'000
                                                                (Unaudited)            (Unaudited)       (Audited)
Fixed Assets
Tangible Assets                                                       1,026                  1,230           1,117
Intangible Assets                                                     5,381                  3,470           4,595
                                                                      6,407                  4,700           5,712
Current Assets
Debtors                                                               9,940                  4,842           6,645
Cash at bank and in hand                                              3,071                  6,659           5,567
                                                                     13,011                 11,501          12,212
Creditors:
amounts falling due within one year                                 (6,365)                (3,068)         (5,244)

Net Current Assets                                                    6,646                  8,433           6,968

Total Assets less Current
Liabilities                                                          13,053                 13,133          12,680

Creditors: amounts falling due
after more than one year                                              (343)                (1,010)           (418)

Provisions for Liabilities and
Charges                                                         -                             (60)        -

Net Assets                                                           12,710                 12,063          12,262

Capital and Reserves
Called up share capital                                               3,626                  3,620           3,620
Capital conversion reserve fund                                          57                     57              57
Share premium                                                         1,656                  1,656           1,656
Merger reserve                                                      (3,357)                (3,357)         (3,357)
Profit and loss account                                              10,728                 10,087          10,286

Shareholders' Funds - all Equity                                     12,710                 12,063          12,262





                               CPL RESOURCES PLC

                        CONSOLIDATED CASH FLOW STATEMENT

                    FOR THE HALF YEAR ENDED 31 DECEMBER 2002

                                                            Half year ended        Half year ended      Year ended
                                                                     31-Dec                 31-Dec          30-Jun
                                           Notes                       2002                   2001            2002
                                                                      €'000                  €'000           €'000
                                                                (Unaudited)            (Unaudited)       (Audited)
Net Cash ( Outflows) / Inflows from

Operating Activities                                5                 (893)                  2,241           2,402

Returns on Investments and
Servicing of Finance                                                     35                     36             111

Taxation                                                              (196)                (1,405)         (1,345)

Capital Expenditure and Financial
Investment                                                             (21)                   (24)            (26)

Acquisitions, net of cash acquired                                    (801)                   (35)           (659)

Proceeds from Shares Issued                                               6                      -               -

Equity Dividends paid                                                 (235)                  (235)           (452)

Cash outflow before Financing                                       (2,105)                    578              31

Financing                                                             (409)                  (442)           (818)

(Decrease)/Increase in Cash                                         (2,514)                    136           (787)
                                                                        (1)
Reconciliation of Net Cash Flow to
Movement in Net Debt
(Decrease)/Increase in cash in the period                           (2,514)                    136           (787)
Cash outflow from decrease in debt and                                  409                    442             818
lease financing

Movement in Net Funds in the Period                                 (2,105)                    578              31

Net Funds, beginning of period                                        4,336                  4,305           4,305

Net Funds, end of period                                              2,231                  4,883           4,336




Dividends Paid & Proposed
                                                                  Half year ended        Half year ended      Year ended
                                                                           31-Dec                 31-Dec          30-Jun
                                                                             2002                   2001            2002
                                                                            €'000                  €'000           €'000
                                                                      (Unaudited)            (Unaudited)       (Audited)
Ordinary Dividends:
Interim dividend proposed                                                     109                    217               -
Final dividend proposed                                                         -                      -             235
Interim dividend proposed and paid                                              -                      -             217
                                                                              109                    217             452

Reconciliation of Movement on Shareholders' Funds
                                                                  Half year ended        Half year ended      Year ended
                                                                           31-Dec                 31-Dec          30-Jun
                                                                             2002                   2001            2002
                                                                            €'000                  €'000           €'000
                                                                      (Unaudited)            (Unaudited)       (Audited)

Opening Shareholders' Funds                                                12,262                 11,731          11,731
Share Issued                                                                    6                      -               -
Profit for the Financial period                                               551                    549             983
Dividends paid and proposed                                                 (109)                  (217)           (452)
Closing Shareholders' Funds                                                12,710                 12,063          12,262

Reconciliation of Operating Profit to Net Operating Cash Flows
                                                                  Half year ended        Half year ended      Year ended
                                                                           31-Dec                 31-Dec          30-Jun
                                                                             2002                   2001            2002
                                                                            €'000                  €'000           €'000
                                                                      (Unaudited)            (Unaudited)       (Audited)

Operating profit                                                              661                    637           1,191
Depreciation                                                                  153                    145             256
(Profit) /Loss on disposal of fixed assets                                      -                    (4)               -
Amortisation of Goodwill                                                      162                     96             213
Movement in debtors                                                       (3,294)                  2,428             658
Movement in creditors                                                       1,425                (1,061)              84

Net Cash (Outflows) / Inflows
from Operating Activities                                                   (893)                  2,241           2,402

  Analysis of Net Funds
                                               Cash at bank             Bank         Bank        Finance             Net
                                                and in hand        overdraft        loans         leases           funds
                                                      €'000            €'000        €'000          €'000           €'000

At 30 June, 2002                                      5,567                -      (1,193)           (38)           4,336
Cash flow                                           (2,496)             (18)          388             21         (2,105)

At 31 December, 2002                                  3,071             (18)        (805)           (17)           2,231


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