Recruitment firm CPL Resources said it has continued to perform well since it reported its half-year results in January, with significant growth in revenues and profit.

In a short trading statement, the company said it expects its pre-tax profits for the year to the end of June to be approximately €13 million, which was in line with market expectations.

“Our balance sheet remains strong, with cash balance of €30 million at June 30th, 2015.” The company will announce full-year results in September.

In a broker’s note, Davy said: “The re-establishment of earnings growth should catalyse a re-think of CPL’s investment credentials, and after a 15 per cent decline year-to-date, we think that both its earnings and re-rating potential are being overlooked. “