CPL reports 92% fall in pretax profits

Interesting new results out from CPL for the 12 months to June, here
and here

Dissappointing but understanable to see the number of recruiters in the behomoth recruitment company drop from 483 to 333 and to hear Anne Heraty, chief executive painting a gloomy picture for FY10:

“All our divisions felt the impact, especially in the second half of the year as many of our customers dramatically slowed down hiring on a permanent basis”.

“Past cycles indicate that we could see a prolonged period of rising unemployment. This suggests that demand for recruitment services will be weak though 2010”.

The results are probably a fair barometer of the extent of damage that has been caused by the recession in the last year or so. FY10 will be another tough year and also expect this to be exacerbated for agencies and job boards by a lot more social media and direct sourcing being conducted by a potpourri of techniques and creative referral programs.