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UK – Parity revenues down but reduces losses

06 March 2012

Parity Group Plc (PTY:LSE), the UK-focused IT recruitment and consulting firm, reported on Tuesday that revenues dropped to £80.1 million in 2011 from £93 million in 2010, a decline of -14%. However, Chairman of the company, Philip Swinstead, said he was pleased about the “good progress” in the year, which he described as “encouraging.” The Group also said it reduced its loss for the year to £2.3 million, down from a loss of £6.13 million in 2010.

Mr Swinstead commented that “revenues are now more stable and the Board is particularly encouraged by the progress made on the growth strategies of its Resources and Talent Management divisions.  Parity Resources increased contractor placements by 10% during the second half of the year, whilst Parity Talent Management won its first contract for graduate development in England recently and is already in discussions with other universities.  Parity Systems, with its strengthened management team, is more stable and looking forward to Parity's strategic move into the digital agency and e-commerce world.”

“Progress in the current year to date has been encouraging. After a difficult eighteen months of cost saving and redirection, the Board can now move forward on its exciting digital media strategy. We now look to build the necessary digital agency business through acquisition, whilst also looking to widen the Group's skill base in the emerging technology field.”

“The Board now looks forward to building on this much healthier base and although the UK economic backdrop remains uncertain, the Board is gaining confidence in its ability to significantly increase shareholder value through a combination of the redirection of the current businesses and its new strategic initiative.”

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.

In early trading this morning, the company’s share price remained unchanged at £21.00, down -6.62% from a year ago and +16.67% above the 52-week low of £18.00 set on 24 January 2012. This values the company at £14.44 million. 

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