Results for Half Year

CPL Resources PLC
28 January 2002


                               CPL RESOURCES PLC

                   For the Half Year Ended 31 December, 2001



Chairman's Interim Statement

CPL's core business is the placement of permanent and contract staff in Ireland,
and the sector of greatest significance to our business is the information
technology industry. This sector has suffered a global downturn since early in
2001, and this trend worsened after the terrorist attacks in September last.
Growth in the Irish economy has also slowed significantly over the past year.

As indicated at our Annual General Meeting in October 2001, CPL's financial
performance in the six months to 31 December 2001 has mirrored these trends,
resulting in a significant reduction in our profits when compared with the same
period in 2000.

The short-term outlook for our principal markets remains unfavourable. However,
we have continued to focus on providing excellent service to our customers while
reducing costs, and these efforts, combined with the benefits of diversification
into other sectors, have enabled us to remain profitable in a very challenging
environment.

In the coming months we will continue to focus our efforts on maintaining
profitability and positioning ourselves to emerge from this difficult period
pre-eminent in our markets and stronger than our competitors.

Turnover

Turnover was €12.1 million in the six months to 31 December 2001 (2000: €17.2
million), 29% lower than the corresponding period last year.

Gross Profit

Net fee income, represented by Gross Profit, of €4.4 million was 47% lower than
the same period last year (2000: €8.2 million).

Expenses

Costs for the period of €3.7 million were 31% lower than last year. (2000:
€5.5m).

Profit before Tax

Pre-tax profits amounted to €673,000. This represents a decrease of 76% on the
€2.7 million recorded in the corresponding period last year.

Balance Sheet

Our balance sheet position remains strong. Net assets at 31 December 2001 were
€12.1 million (30 June 2001: €11.7 million) and our net cash balance at that
date was €4.9 million (30 June 2001: €4.3 million).

Earnings per Share

Earnings per share amounted to €1.5 cent for the six months to 31 December 2001
(2000: €5.7 cent).

Ordinary Dividend

The Directors have recommended an unchanged interim dividend of €0.6 cent per
ordinary share. The interim dividend is subject to Irish dividend withholding
tax. Dividends will be due and payable on 8th April 2002 to holders of ordinary
shares at close of business on the record date of 9th March 2001.


                                          CONSOLIDATED PROFIT AND LOSS ACCOUNT

                                        FOR THE HALF YEAR ENDED 31 DECEMBER 2001

                                                              Half year ended      Half year ended            Year ended
                                                                  31 December          31 December               30 June
                                                    Notes                2001                 2000                  2001
                                                                        €'000                €'000                 €'000
                                                                  (Unaudited)          (Unaudited)             (Audited)

Turnover                                                               12,147               17,248                35,003
Cost of sales                                                          -7,745               -9,005               -19,402
Gross Profit                                                            4,402                8,243                15,601
Administrative expenses                                                -3,362               -4,650                -9,097
Distribution expenses                                                    -403                 -800                -1,243
Operating Profit                                                          637                2,793                 5,261
Interest, net and similar charges                                          36                  -44                  -113
Profit on Ordinary Activities before
Taxation                                                                  673                2,749                 5,148
Taxation on profit on ordinary activities                                -124                 -700                -1,182
Profit on Ordinary Activities after
Taxation                                                                  549                2,049                 3,966
Dividends paid and proposed                             2                -217                 -217                  -452
Retained Profit for the Financial Period                                  332                1,832                 3,514
Profit and Loss Account, start of
period                                                                  9,755                6,241                 6,241
Profit and Loss Account, end of
period                                                                 10,087                8,073                 9,755
Earnings per Ordinary Share                             3           1.5 cents            5.7 cents            11.0 cents




                                   CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2001

                                                                Half year ended    Half year ended            Year ended
                                                                    31 December        31 December               30 June
                                                                           2001               2000                  2001
                                                                          €'000              €'000                 €'000
                                                    Notes           (Unaudited)        (Unaudited)             (Audited)

Fixed Assets
Tangible Assets                                                           1,230              1,390                 1,347
Intangible Assets                                                         3,470              4,532                 3,565
                                                                          4,700              5,922                 4,912
Current Assets
Debtors                                                                   4,842              9,215                 7,303
Cash at bank and in hand                                                  6,659              2,917                 6,523
                                                                         11,501             12,132                13,826
Creditors:
amounts falling due within one year                                      -3,068             -5,945                -5,736
Net Current Assets                                                        8,433              6,187                 8,090
Total Assets less Current
Liabilities                                                              13,133             12,109                13,002
Creditors: amounts falling due
after more than one year                                                 -1,010             -2,000                -1,211
Provisions for Liabilities and
Charges                                                                     -60                -60                   -60
Net Assets                                                               12,063             10,049                11,731
Capital and Reserves
Called up share capital                                                   3,620              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                                                  10,087              8,073                 9,755
Shareholders' Funds - all Equity                        4                12,063             10,049                11,731




                                           CONSOLIDATED CASH FLOW STATEMENT

                                       FOR THE HALF YEAR ENDED 31 DECEMBER 2001

                                                                  Half year ended     Half year ended        Year ended
                                                                      31 December         31 December           30 June
                                                      Notes                  2001                2000              2001
                                                                            €'000               €'000             €'000
                                                                      (Unaudited)         (Unaudited)         (Audited)

Net Cash Inflows from
Operating Activities                                      5                 2,241               2,258             7,061
Returns on Investments and
Servicing of Finance                                                         -199                -226              -295
Taxation                                                                   -1,405              -1,171            -1,208
Capital Expenditure and Financial
Investment                                                                    -24                 -61              -160
Acquisitions, net of cash acquired                                            -35                   -            -1,249
Equity Dividends paid                                                           -                   -              -217
Cash Inflow before Financing                                                  578                 800             3,932
Financing                                                                    -442                -352                 3
Increase in Cash                                                              136                 448             3,935
Reconciliation of Net Cash Flow to
Movement in Net Debt
Increase in cash in the year                                                  136                 448             3,935
Cash outflow/(inflow) from decrease in
debt and lease financing                                                      442                 246                -3
Movement in Net Funds in the Period                                           578                 694             3,932
Net Funds, beginning of period                                              4,305                 373               373
Net Funds, end of period                                  6                 4,883               1,067             4,305




    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 2001.

The figures for the half year ended 31 December 2001 are unaudited. The
comparative figures for the half year ended 31 December 2000 are also unaudited.
The amounts for the year ended 30 June 2001 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         31 December           30 June
                                                                            2001                2000              2001
                                                                           €'000               €'000             €'000
                                                                     (Unaudited)         (Unaudited)         (Audited)
Ordinary Dividends:
Interim dividend proposed                                                    217                   -                 -
Final dividend proposed and paid                                               -                   -               235
Interim dividend proposed and paid                                             -                 217               217
                                                                             217                 217               452

 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 2001 is
36,196,825 (period ended 31 December 2000 - 36,196,825; year ended 30 June 2001
- 36,196,825). It has been calculated based on the profit on ordinary activities
after taxation for the period ended 31 December 2001 of €549,000 (period ended
31 December 2000 - €2,049,000; year ended 30 June 2001 - €3,966,000).


4. Reconciliation of Movement on Shareholders' Funds
                                                                 Half year ended     Half year ended        Year ended
                                                                     31 December         31 December           30 June
                                                                            2001                2000              2001
                                                                     (Unaudited)         (Unaudited)         (Audited)

Opening Shareholders' Funds                                               11,731               8,217             8,217
Profit for the Financial period                                              549               2,049             3,966
Dividends paid and proposed                                                 -217                -217              -452
Closing Shareholders' Funds                                               12,063              10,049            11,731


5. Reconciliation of Operating Profit to Net Operating Cash Flows

                                                                 Half year ended     Half year ended        Year ended
                                                                     31 December         31 December           30 June
                                                                            2001                2000              2001
                                                                           €'000               €'000             €'000
                                                                     (Unaudited)         (Unaudited)         (Audited)

Operating profit                                                             637               2,793             5,261
Depreciation                                                                 145                 131               231
(Profit) /Loss on disposal of fixed assets                                    -4                  10
Amortisation of Goodwill                                                      96                  86               233
Movement in debtors                                                        2,428                 -98             1,814
Movement in creditors                                                     -1,061                -664              -478
Net Cash Inflows
from Operating Activities                                                  2,241               2,258             7,061


6. 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, 2001                                6,523           -169           -1,951           -98               4,305
Cash flow                                         136            169              241            32                 578
At 31 December, 2001                            6,659              -           -1,710           -66               4,883



For Further Information:

Anne Heraty, CPL Resources, 353 1 614 6000

Brian Whelan, Whelan Communications, 353 1 676 8877 / 353 (0) 86 817 7178

Kevin Fitzsimons, Whelan Communications, 353 1 676 8877 / 353 (0) 87 290 7337



28 January, 2002



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