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Ahead of their financial year end, specialist technology staffing company Parity Group (PTY: LSE) announced that their revenue for the year ending 31 December 2013 is expected to exceed £2.5 million, a year-on-year increase of more than +80%.
In a statement, company Chairman, Philip Swinstead, advised: “As previously disclosed, the Board had set in motion an internal decentralisation to divide the Group into two distinct business divisions - Parity Professionals and Parity Digital. We are pleased to confirm that this reorganisation is now complete and the two businesses, each with a Chief Operating Officer, will be reported as separate divisions in the Group's 2013 results for the year ending 31 December 2013”
“The Parity Professionals division predominantly comprises the IT staff agency Parity Resources, which has continued to expand the number of contractors to approximately 950. The division's small Talent Management group has successfully won business this year but has seen some delays in the call-off of these training services due to stretched educational budgets.”
“The Parity Digital division contains Inition, our pioneering creative 3D technology company, and our Systems business, providing business intelligence and web portal solutions. Trading in the Parity Digital division has been very positive this year with Inition making significant progress in its financial performance.”
“Following the establishment of the two separate divisions the Board intends to move forward on its strategic plan for the Parity Digital division. The success of the acquisition of Inition in May 2012, our first acquisition for this division, has caused us to refine our strategic plan and we are now focused on expanding our creative technology hub selling to brands, government and the marketing services industry. A strategy group oversees the implementation of this plan including the continuing evaluation of acquisition prospects, the funding options for these and other opportunities to further enhance Group earnings through maximising operational efficiencies.”
“Looking to 2014, the Board expects its Parity Professionals business to continue good growth as the economic recovery progresses, and Inition to make further progress within its own high-growth market. We will continue to seek to drive further shareholder value and look forward to reporting on our updated strategic plans and their implementation over the next two years,” Mr Swinstead concluded.
Parity Group is among the top 50 staffing firms in the UK, according to research by Staffing Industry Analysts. In trading today, the company’s share price rose by +7.8% to £0.31, an increase of +59% compared with a year ago. Based on its current share price, the company has a market value of £29.1 million.