IEX-LISTED recruitment firm CPL Resources expects to report a pretax profit of more than €2 million for the six-month period to December 31st, 2009.

In a trading update given at the company’s agm yesterday, chairman John Hennessy said that although the markets in which CPL operates remain “difficult” and “employment trends continue to present challenges”, the company remains profitable.

“In recent months, we have continued to reduce our cost base and reposition our business in order to meet the challenges posed by market conditions,” Mr Hennessy said. CPL’s interim statement will be released on January 28th.

Addressing shareholders at the meeting, he said the company has generated operating cash flow in excess of €80 million over the last 10 years as a publicly-quoted company. Of this, it has retained roughly €40 million to fund ongoing operations and take advantage of opportunities that may arise.