Interim Results

CPL Resources PLC
26 January 2005


                                    CPL PLC

             Interim Results for the half year to 31 December 2004


Chairman's Interim Statement

The Board of Directors of CPL Resources plc is pleased to announce that the
Group has had an excellent half year to 31 December 2004.  CPL has achieved
significant increases in turnover, operating profits and earnings per share.
Financial highlights for the six month period include:
     
•    Earnings per share of 5.5 cent, compared with 2.1 cent for the 
     corresponding period in the prior year

•    Turnover of €49.6 million, up 43% on last year

•    Profit before tax up from €0.9 million to €2.4 million

•    Net cash balances of €7.1 million (up from €5.3 million at 30 June 2004)

•    Continued growth in our contract and temporary businesses

•    Strong generation of fees in the permanent placement sector

The Group has produced a strong performance for the half year to 31 December
2004.  Our gross profit, which represents our net fee income, was €9.3 million
for the six months, an increase of 57% on the same period last year.  This
substantial growth reflects a strong performance in all sectors in which we
operate, and in each of our principal business areas, being the placement of
contract, temporary and permanent employees with clients.

Expenses have increased by 37% to €6.9 million, reflecting the need to service
the growth in our business.  We are pleased the ratio of costs to net fee income
has improved over the period.  We also believe that we have surplus capacity
within our cost base which will allow further increases in business activity to
be accommodated without a proportionate rise in overheads.

CPL is the leading recruitment specialist in Ireland. The Group now operates in
a wide spread of business sectors including Technology, Accounting and Finance,
Sales, Engineering, Light Industrial, Healthcare and Pharmaceutical and Office
Administration. We are delighted to have experienced growth in all the areas in
which we operate in the six months to 31 December 2004.

Net Fee Income in our permanent placement business has increased very
substantially, with all divisions performing well. This has been helped by
increased demand for IT, Telecoms and Finance professionals.  Our contractor and
temporary employee numbers have also increased, reflecting growth in the demand
for non-permanent staff in all areas, including office management and
administration, customer service, engineering, healthcare and manufacturing
operations, and in the provision of temporary staff to the pharmaceutical,
biotechnology, clinical research and medical device industries.

The Group had net cash balances of €7.1 million at 31 December 2004.  This
figure is €1.8 million higher than the balance at 30 June 2004, and €2.8 million
higher than the corresponding balance at 31 December 2003. We are especially
pleased with this performance given the increased working capital demands
arising from the growth in our business.

In recent years CPL has concentrated on broadening our business base.  We now
operate in a wide variety of industries and business sectors, and we have
successfully developed a very substantial business in the provision of temporary
employees, while simultaneously growing our existing contractor and permanent
placement businesses.  We have achieved this through a combination of organic
growth and carefully selected acquisitions.  Our focus has been on making our
business more resilient and positioning ourselves to take advantage of
improvements in the economic environment.

We operate on the leading edge of economic activity, because changes in the
economic environment tend to give rise quickly to shifts in employment patterns.
As a result our performance is closely linked with performance of the economy
generally. The second six months of our financial year to 30 June 2005 have
begun strongly, with no significant adverse events expected to impact our
business in the short term.  We believe that we remain well positioned to
continue to benefit from a favourable economic environment in the markets in
which we operate.

The success of CPL is due to the dedication and loyalty of our own people and
our customers.  On behalf of the Board of Directors I would like to extend my
appreciation to our customers for their continued support and to the entire team
in CPL for their continued professionalism, commitment and hard work.

The Directors have recommended an interim dividend of 0.8 cent per ordinary
share.  The dividend will be payable on 07 March 2005 to holders of ordinary
shares at the close of business on the record date of 04 February 2005.

John Hennessy
Chairman

26 January 2005



Consolidated Profit and Loss account
For the half year ended 31 December 2004

                                                           Half Year ended      Half Year ended       Year ended
                                                          31 December 2004     31 December 2003     30 June 2004
                                                                     €'000                €'000            €'000
                                                Notes          (Unaudited)          (Unaudited)        (Audited)

Turnover
   - Continuing operations                                          49,619               34,683           70,748
   - Acquisitions                                                                                          3,111
                                                          _______________________________________________________
                                                                    49,619               34,683           73,859
Cost of sales                                                      (40,326)             (28,757)         (60,601)
                                                          _______________________________________________________
Gross Profit                                                         9,293                5,926           13,258
                                                          _______________________________________________________

Administrative expenses                                             (6,307)              (4,424)          (9,715)
Distribution expenses                                                 (621)                (602)          (1,050)
                                                          _______________________________________________________

Operating Profit
   - Continuing operations                                           2,365                  900            2,477
   - Acquisitions                                                        0                                    16
                                                          _______________________________________________________
                                                                     2,365                  900            2,493
                                                          _______________________________________________________
                                                         
Interest, net                                                           28                   41               71
                                                          _______________________________________________________
Profit on Ordinary Activities before  Taxation                       2,393                  941            2,564
                                                          _______________________________________________________

Taxation on profit on ordinary activities                             (359)                (160)            (384)
                                                          _______________________________________________________
Profit on Ordinary Activities after Taxation                         2,034                  781            2,180
                                                          _______________________________________________________

Dividends paid and proposed                         2                 (295)                (147)            (368)

                                                          _______________________________________________________
Retained Profit for the Financial Period                             1,739                  634            1,812
                                                          _______________________________________________________

Profit and Loss Account, start of period                            13,230               11,418           11,418

                                                          _______________________________________________________
Profit and Loss Account, end of period                              14,969               12,052           13,230
                                                          =======================================================
Earnings per Ordinary Share                         3             5.5 cent             2.1 cent         6.0 cent
                                                          =======================================================
Fully diluted earnings per ordinary share                         5.5 cent             2.1 cent         5.9 cent
                                                          =======================================================


Consolidated Balance Sheet
At 31 December 2004
                                                           Half Year ended      Half Year ended       Year ended
                                                          31 December 2004     31 December 2003     30 June 2004
                                                                     €'000                €'000            €'000
                                                               (Unaudited)          (Unaudited)        (Audited)

Fixed Assets
Tangible Assets                                                       979                  911               970
Intangible Assets                                                   5,347                4,936             5,527
                                                          _______________________________________________________
                                                                    6,326                5,847             6,497
                                                          _______________________________________________________

Current Assets
Debtors                                                            13,086               10,455            11,789
Cash at bank and in hand                                            7,497                4,659             6,689
                                                          _______________________________________________________
                                                                   20,583               15,114            18,478
                                                          _______________________________________________________

Creditors:     
amounts falling due within one year                                (9,418)              (6,592)           (9,153)
                                                          _______________________________________________________
Net Current Assets                                                 11,165                8,522             9,325
                                                          _______________________________________________________


                                                          _______________________________________________________
Total Assets less Current Liabilities                              17,491               14,369            15,822
                                                          _______________________________________________________

Creditors: amounts falling due
after more than one year                                             (489)                (309)             (559)

                                                          _______________________________________________________
Net Assets                                                         17,002               14,060            15,263
                                                          =======================================================
Capital and Reserves
Called up share capital                                             3,677                3,652             3,677
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                                            14,969               12,052            13,230
                                                          _______________________________________________________
Shareholders' Funds - all Equity                                   17,002               14,060            15,263
                                                          =======================================================



Consolidated Cash flow Statement
For the half year ended 31 December 2004


                                                           Half Year ended      Half Year ended       Year ended
                                                          31 December 2004     31 December 2003     30 June 2004
                                                                     €'000                €'000            €'000
                                               Note            (Unaudited)          (Unaudited)        (Audited)
Net Cash   Inflows / ( Outflows) from
 Operating Activities                             4                  2,115              (1,517)              183

Returns on Investments and
Servicing of Finance                              5                    28                   41                71

Taxation                                          6                     -                 (174)             (396)

Capital Expenditure and Financial Investment      7                  (130)                (146)             (204)

Acquisitions, net of cash acquired                                      -                 (113)             (433)
Equity Dividends paid                                                (221)                (146)             (293)

                                                          ________________________________________________________
Cash  inflow /(outflow) before Financing                            1,792               (2,055)            (1,072)
                                                          ________________________________________________________

Financing                                                             (46)                 (95)                14

                                                          _______________________________________________________
Increase/(Decrease) in Cash                                         1,746               (2,150)            (1,058)
                                                          _______________________________________________________

Reconciliation of Net Cash Flow to
Movement in Net Funds
Increase / (Decrease)in cash in the period        8                 1,746               (2,150)            (1,058)

Cash outflow from decrease in debt and
lease financing                                   8                    46                   98                 14

                                                          ________________________________________________________
Movement in Net Funds in the Period                                 1,792               (2,052)            (1,044)
                                                          ________________________________________________________

Net Funds, beginning of period                                      5,329                6,373              6,373

                                                          ________________________________________________________
Net Funds, end of period                          9                 7,121                4,321              5,329
                                                          ________________________________________________________


     
1.   Basis of Preparation

     This interim report has been prepared on the basis of the accounting 
     policies set out in the Annual Report for the year ended 30 June 2004.

     The figures for the half year ended 31 December 2004 are unaudited. The
     comparative figures for the half year ended 31 December 2003 are also 
     unaudited. The amounts for the year ended 30 June 2004 represent an 
     abbreviated version of the Group's full financial statements for the year 
     on which the Auditors issued an unqualified audit report and which have 
     been filed with the Registrar of Companies.

2.   Dividends Paid & Proposed

                                                           Half Year ended      Half Year ended       Year ended
                                                          31 December 2004     31 December 2003     30 June 2004
                                                                     €'000                €'000            €'000

     Ordinary Dividends:
     Interim dividend proposed                                         295                  147                -
     Final dividend proposed                                             -                    -              221
     Interim dividend proposed and paid                                  -                    -              147
                                                          _______________________________________________________
                                                                       295                  147              368
                                                          =======================================================
     
3.   Earnings Per Ordinary Share

     The earnings per ordinary share is calculated on the basis that the 
     weighted average number of shares in issue for the period ended 31 December 
     2004 is 36,784,825 (period ended 31 December 2003 - 36,521,825; year ended 
     30 June 2004 - 36,602,994).  It has been calculated based on the profit on 
     ordinary activities after taxation for the period ended 31 December 2004 of 
     €2,034,000 (period ended 31 December 2003 - €781,000; year ended 
     30 June 2004 - €2,180,000).

4.   Reconciliation of Operating Profit to Net Operating Cash Flows

                                                           Half Year ended      Half Year ended       Year ended
                                                          31 December 2004     31 December 2003     30 June 2004
                                                                     €'000                €'000            €'000
                                                               (Unaudited)          (Unaudited)        (Audited)

     Operating profit                                                2,365                  900            2,493
     Depreciation                                                      121                  142              242
     Amortisation of Goodwill                                          180                  159              325
     Increase in debtors                                            (1,297)              (3,258)          (3,442)
     Increase in creditors                                             746                  540              565
                                                          _______________________________________________________
     Net Cash Inflows  from Operating Activities                     2,115               (1,517)             183
                                                          =======================================================

5.   Returns on investments and servicing of finance

     Interest paid                                                      (5)                  (2)             (11)
     Interest element of finance lease payments                                              (1)
     Interest received                                                  33                   42               83
     Net cash inflow  from returns on
                                                          _______________________________________________________
     Investments and servicing of finance                               28                   41              712
                                                          =======================================================

6.   Taxation

                                                          _______________________________________________________
     Corporation tax paid                                                                  (174)            (396)
                                                          =======================================================


7.   Capital expenditure and financial investment

                                                          _______________________________________________________
     Payments to acquire tangible fixed assets                        (130)                (146)            (204)
                                                          =======================================================


8.   Financing

     Loan repayments                                                   (46)                 (97)             (13)
     Finance lease payments                                              -                   (1)              (1)
                                                          _______________________________________________________
                                                                       (46)                 (98)             (14)
     Issue of ordinary share capital                                     -                    3               28
                                                          _______________________________________________________
     Net cash (outflow) from financing                                 (46)                 (95)              14
                                                          =======================================================


9.   Analysis of Net Funds

                                                        Cash at bank          Bank           Bank           Net
                                                         and in hand     Overdraft           Loan         funds
                                                               €'000         €'000          €'000         €'000

     At 30 June, 2004                                          6,689         (938)          (422)         5,329
     Cash flow                                                   808          938             46          1,792

                                                          _______________________________________________________
     At 31 December, 2004                                      7,497            -           (376)         7,121
                                                          =======================================================

     
10.  Reconciliation of Movement on Shareholders' Funds

                                                           Half Year ended      Half Year ended       Year ended
                                                          31 December 2004     31 December 2003     30 June 2004
                                                                     €'000                €'000            €'000
                                                               (Unaudited)          (Unaudited)        (Audited)

     Opening Shareholders' Funds                                    15,263               13,423           13,423
     Share Issued                                                        0                    3               28
     Profit for the Financial period                                 2,034                  781            2,180
     Dividends paid and proposed                                      (295)                (147)            (368)
                                                          _______________________________________________________
     Closing Shareholders' Funds                                    17,002               14,060            15,263
                                                          =======================================================


26 January, 2005

This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.



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