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UK – Parity 2012 trading stabilises and meets market expectation

17 May 2012

The IT recruitment and consulting firm Parity Group (PTY:LSE) said on Thursday that it remains on target to meet market expectations this year despite a “continuing difficult economic climate.”

This comes after the staffing firm reported in March that its 2011 revenue dropped by -14% to £80.1 million after months of cost saving and redirection. Chairman of the company, Philip Swinstead, then also said that progress in 2012 had so far been “encouraging.”

And in an interim management statement issued today the Group remained confident, despite the revenue loss in 2011 it said that Group performance continues to stabilise.

Particularly the public sector saw a recovery. The firm said it “continued to grow in the first months of the year, albeit with the normal seasonal dip at the end of March. There has been an encouraging increase in opportunities in the public sector after an extended period of decline in this part of the market.”

The company’s Talent Management division has also had an “encouraging start” to the year with a first contract win for its English university initiative and the extension of its Northern Ireland graduate training contract.

It was also announced that Parity Systems has been re-organised into three business streams in preparation for the Group's strategic re-orientation, focused on Defence, ORACLE and Microsoft applications. “In a difficult market it has retained its important larger customers this year, and opened a new facility in Northern Ireland, including the new TechLab, which is already pursuing interesting product opportunities,” the firm said.

Looking ahead, the recruitment agency said that after last year’s stabilisation it will now focus on realising new strategic initiatives and digital media ambitions. This includes acquisitions and widening the Group's skill base in the emerging technology field.

Parity Group specialises in technology staffing, the provision of information technology and business solutions. The firm operates in three segments: Solutions, Resources and Talent Management.

According to Staffing Industry Analyst, Parity is amongst the top 50 staffing firms in the UK.

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