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UK – Parity revenue up +7%, appoints new executive director

07 March 2013

Technology recruiter Parity Group (PTY:LSE) today announced that trading in the early weeks of 2013 had been in line with expectations after the firm posted a +7% jump in revenue for the 2012 financial year.

Revenue increased +7% to £85.9 million from £80.1 million a year ago. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew to £1.27 million from £0.36 million a year ago. However, the firm still made a group-wide loss of £1.39 million, compared to a loss of £2.30 million at the same time last year.

Parity chairman, Philip Swinstead, expects the firm to stay profitable this year. “In a quiet IT services market our early moves away from slowing IT sectors have been successful; we will continue to review our position in this competitive market carefully,” he said.

In the last quarter of 2012, the firm decentralised its technology businesses from its human resources businesses, Resources and Talent management.

Revenue in the Resources business was up +10% to £75.3 million. The firm also increased its contractor numbers by +14% to 880 at year-end while its permanent recruitment business showed “increased activity.”

The company’s talent management unit saw profits drop by -4% to £2.2 million from £2.3 million a year earlier.

The firm also announced today that Stephen Whyte has been appointed as executive director and CEO of its Parity Digital Solutions business. He previously worked as European CEO of Acxiom Corporation, an interactive and marketing services company.

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.


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