Specialist technology staffing company Parity Group (PTY: LSE) reported revenue for the six months ending 30 June 2018 of £43.2 million, an increase of 0.7% compared with £42.9 million during the same period last year. 

Parity Group reported revenue and profits from continuing operations as below.

The group said that its Consultancy Services division performed strongly during the first half with an increase of 30.8% to £5.1 million in H1 2018, compared to £3.9 million last year.

Parity reported an improved operating margin to 2.4% (H1 2017: 2.1%)

Parity operates through two divisions, Parity Consultancy Services (Consultancy Services), which provides niche technology and data solutions and Parity Professionals, which specialises in the sourcing of professional staff.

Revenue during the period was broken down as follows. The chart includes inter-segment revenues of 3.49 million for Parity Professionals.

John Conoley, Chairman of Parity Group, commented, “It is pleasing to see the sustained progress that the Group is making; delivering growth at a revenue and profit level whilst having also rationalised, rebalanced and invested to support future growth in line with its exciting strategic objectives.”

“Parity’s consulting business is well positioned to continue broadening its client base, as clients increasingly look for a solution which combines a deep understanding of analytics and underlying technologies with the ability to deploy up to date experts in the fast-evolving data capture and management field,” Conoley said. “As a result, we have targeted further investment in senior experienced operational management, and sales and marketing to drive continued growth.”

Looking ahead, Conoley said, “The improving financial results to date and the group’s pipeline of opportunities underwrite the Board’s confidence in the group’s longer-term growth prospects.”

“Whilst we are experiencing a short-term client-side delay on one large contract, the rest of the Group is performing in line with Board expectations.  Without any further delays, we expect a stronger second half, in line with the group’s traditional seasonality, and to deliver on current expectations for the year as a whole. Our investment in the Group continues to drive revenue and profit growth, supporting cash flow improvement and generating further shareholder value,” Conoley said.

On Wednesday, Parity announced that Canaccord Genuity Group Inc had decreased its stake in the company from 9.6% to 4.9% after a transaction on Tuesday.

As of last trade today, Parity Group traded at £11.98, down 17.13% on the day and 25.16% below its 52-week high of £16.00, set on 8 June 2018. Based on its current share price the company has a market value of £14.83 million.