Boosted by the huge demand for information technology staff, specialist recruitment consultancy CPL has reported strong growth in the year to June, with pre-tax profits up 173 per cent to €3.1 million (£2.5 million). The profit figures are in line with the forecasts made when CPL floated on the DCM and AIM markets last June.

CPL chief executive Ms Anne Heraty, who with her husband Mr Paul Carroll owns more than 80 per cent of the company, expects further strong growth this year, although the growth in turnover is unlikely to match last year's 75 per cent increase in sales to €20.8 million (£16.4 million).

"The sector is very competitive but there is still a major skills shortage. We've had an excellent first quarter and we're expecting strong growth," she said. It was unlikely that growth in turnover in the current year would be less than 35 per cent, with CPL maintaining its operating profit margins of over more than 15 per cent.