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UK – Parity plans further cost savings

01 November 2012

UK recruiter Parity Group (PTY:LSE) reported on Thursday that difficult market conditions have affected demand for IT services, but the firm is “on target” to meet market expectations for the year.

In an interim management statement for the four months to October, the firm said it had achieved necessary cost savings and re-alignment of its businesses to return to profitable growth. The group will continue to drive its cost saving measures into the future.

The company’s recruitment arm, Parity Resources, continues to grow with the firm having broadened its service despite the challenging market. The talent management business has won new contracts across a number of sectors, resulting in revenue and profit growth. The Systems business has been realigned over the past two years with revenues reported to be stable, following the acquisition of Inition.

In March, Parity reported that 2011 revenue was down -14% to £80.1 million, following months of cost saving and redirection.

According to Staffing Industry Analysts, Parity is amongst the top 50 staffing firms in the UK. The group specialises in technology staffing, the provision of information technology and business solutions.

In early trading, the company’s share price increased +2.6% to 20.00 pence, a -4.8% fall from a year ago and +11.1% above the 52-week low of 18.00 pence seen in January. The firm has a market value of £13.99 million. 

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