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UK – Parity Group’s revenues rise but report another operating loss

26 September 2013

Specialist technology staffing company Parity Group (PTY: LSE) reported revenue for the first six months of the year of £46.5 million, a +8.5% increase from £42.9 million for the same period last year.

However, the company reported an operating loss of £324,000, significantly more than the operating loss of £60,000 reported by the company last year. The Group’s pre-tax loss during the period widened to £520,000, from a pre-tax loss of £240,000 a year ago.  

Philip Swinstead, Chairman of Parity, commented: “After a period of substantial and necessary restructuring, the Group is now stable and growing. We continue to invest across the Group to improve performance, reduce costs and progress our strategic plans.”

“We are increasingly excited about the prospects for, and development of, Parity Digital, as we continue to assess a number of strategic acquisitions in the creative technology field. Over the next two years we intend to put the UK platform of our digital strategy in place,” he added.

Parity Group has also announced that Philip Swinstead will assume the role of Executive Chairman from 1 October 2013, in order to closely direct the Group’s digital strategy.

As reported in May 2013, the company has been reorganised into two divisions: Parity Professionals and Parity Digital Solutions. Parity Professionals is the Group’s division for the professional staff selection, development, and placement markets. The Digital Solutions division is the digital marketing services arm. The structure was carried out with the intention of reducing costs in the second half of 2013.

Revenue for the Professionals business segment for the first six months of the year was £42.4 million, an increase of +7.9% from £39.3 million last year. The Digital Solutions division also reported revenue growth, with an +18.9% increase from £3.7 million last year to £4.4 million this year.

Parity Group is among the top 50 staffing firm in the UK, according to research by Staffing Industry Analysts. In trading today, the company’s share price fell by -13.2% to £0.33, an increase of +61.7% compared with a year ago. Based on its current share price, the company has a market value of £34.5 million.  

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