Technology staffing firm Parity Group plc published its final results today for the full year ended 31 December 2022. Revenue fell by 13.6% over the year to £40.6 million.

In January 2023, the group provided an update on trading for the financial year ending 31 December 2022 with Parity expecting net fee income to be £3.5 million. The group met its expectations.

Mark Braund, Executive Chairman of Parity Group plc, said, "2022 has seen us complete the shift back to focus on recruitment and reshape the organisation, ensuring that we have a structure that is both efficient and scalable. In amongst all the change, we have continued to invest in our teams and develop our staff, cementing our culture and a much-improved focus on what we are 'great' at.”

The group added that in addition to rebuilding the capabilities of the recruitment team, it made changes to the business, reducing expenditure and ensuring it has a flexible delivery model. This, along with the injection of funds from the sale and licence back of the Parity trademark in December 2022, enables the group to make focused investment in key areas to support growth, it stated.

“The additional funding from the sale of the trademark has given us scope to make investments in new business areas to drive longer-term sustainable profit and growth,” Braund said.

Private sector revenue was up by 25% year on year to £18 million. Public sector revenue declined to £22.6 million in the year, pushing overall revenue down by 13.6% year on year.

The group said that the conclusion of non-core consulting and legacy managed service engagements and the switch to exclusively recruitment services has resulted in net fee income margin for the private sector falling from 8.3% to 7.8%. However direct costs (included in operating costs) attributable to the consulting and managed service activities have been eliminated, offsetting the net fee income margin impact at EBITDA level.

“In 2023 we are looking to build on the investments we have and continue to make in new business areas and will also explore other opportunities to support the long term development of the business and shareholder value,” Braund said.

Parity Group’s shares last traded at £4.72, down 0.59% on the day and 15.88% above the 52 week low of £4.08 set on 15 May 2023. The company has a market cap of £4.90 million.