Parity Group, the London-based specialist technology staffing company, announced, in a trading update, that it has appointed Matthew Bayfield as Chief Executive Officer.

Alan Rommel, current CEO, will move into the role of Chief Operating Officer, a Board position.

Bayfield joined Parity’s senior management team in 2018 as a Managing Director to drive the development and growth of the data proposition within the Parity Consultancy Services business. He has previously held leadership roles in Field London, nHouse Commercial Limited, and Ogilvy & Mather.

Meanwhile Rommel, having returned the business to profitable growth, restructured it to focus on its strong core capabilities, and significantly reduced its debt, will now focus on digitising aspects of the core business and ensuring the operational structure effectively supports the strategy to create sustainable growth of the group.

John Conoley, Non-Executive Chairman of Parity Group, commented, “We are delighted to appoint Matthew to the position of CEO. Alan Rommel, supported by our CFO Roger Antony, has worked tirelessly to drive Parity’s turnaround and Matthew is ideally placed to accelerate this strategy. 2019 looks like it will be an exciting year and I wish Matthew luck in leading us onward.”

In the group’s trading update, Parity stated, “Having been greatly encouraged by the opportunities won and identified in higher-margin data consultancy services, the Board has restructured the Parity Consultancy Services division to focus on this market. We see strong synergies with our Parity Professionals division which, whilst continuing to grow its own revenues, is able to introduce PCS services to a broader client base and offer a flexible portfolio of services, whether clients want us to consult and deliver a solution, or want us to provide the talent to support their programmes.”

The group said it expects to deliver growth in revenue and to meet the recently revised market expectations for adjusted profit before tax in the financial year ended 31 December 2018. Net debt is expected to be lower than the balance at 31 December 2017 of £1.6 million.

“Given the scale of the opportunity we see in data consultancy, we believe the time is right to accelerate our programme of investment in management, marketing and brand development. The Board expects to remain profitable during this period of increased investment, though adjusted profit before tax is now expected to be lower in 2019 than expected for 2018,” the group stated. “However, the subsequent improved alignment of our operational structure with the market opportunity, enhanced relationship management, and greater market outreach with a refined proposition will provide a sound basis for sustained profitable growth in future years.”

Conoley commented, “We are confident that the group’s focus and investment in data consultancy services will provide a strong foundation for sustained profitable growth in future years.” 

In trading yesterday, Parity Group shares closed at £7.00, up 3.70% on the day and 14.75% above the 52-week low of £6.10 set on 2 November 2018. Based on its current share price the company has a market value of £6.93 million.