London-based specialist technology staffing company issued a trading update during its Annual General Meeting for the first four months of 2018.

The group said its performance during the period has been in line with management expectations and that it is making ‘good progress’ in building its Consultancy Services division as well as in the organic development of Parity Professionals.

“Our investment in sales across the business has expanded our client base and supports a strong pipeline,” the group stated. “For example, in Consultancy, our developing data proposition has driven successful sales of data consultancy into the health sector and some smaller GDPR related opportunities and in Professionals we have added to the recently announced managed service contract win for IT contract staffing provision to Primark, with a further award for infrastructure and cloud architecture staffing, to be provided as a managed service to the Social Security Directorate in Scotland.”

Parity added that it had recently secured places on additional new frameworks to deliver professional services to Ordnance Survey and Northern Ireland Water.

"Looking ahead, with improving profitability and strong cost control, we anticipate that further progress in higher margin sales and cash generation will support targeted investment to accelerate growth and enable the Board to review the opportunity to pay dividends to shareholders in the medium-term,” Parity stated.

In trading yesterday, Parity Group shares closed at £13.95, up 2.20% on the day and 9.27% below its 52-week high of £15.38, set on 11 May 2018. Based on its current share price the company has a market value of £14.01 million.