DAVY VIEW

Cpl Resources continues to buck the trend, delivering an extremely strong set of full-year results. This is supported by strong growth in its Flexible Talent segment and, despite the higher working capital requirements of this division, net cash rose to €40.1m in the period. On the back of these results, we expect to upgrade our FY 2020 adjusted PBT by c.14% to c.€25.8m. This implies that Cpl is trading on an FY 2020 P/E of 8.0x, a compelling valuation relative to the sector. We reiterate our ‘Outperform’ rating.