DAVY VIEW

The combination of an underlying business that has been demonstrating positive momentum and a supportive economic backdrop points to a strong set of H1 results from Cpl. Having posted 16% underlying profit growth in FY18, the company noted a ‘good start to the year’ for FY19 and we expect that many of the drivers behind this (continued progress in both Flexible Talent and Permanent) will remain in place. Coupled with the company’s strong balance sheet, we continue to rate Cpl as ‘Outperform’.