Parity Group PLC Trading Statement (1214N)
28 January 2021 - 6:00PM
UK Regulatory
TIDMPTY
RNS Number : 1214N
Parity Group PLC
28 January 2021
28 January 2021
PARITY GROUP PLC
TRADING UPDATE
Company expects to deliver modest profit before tax for the
second half of 2020 having successfully completed its business
transformation programme and despite COVID19.
Parity Group plc ("Parity" or the "Company"), the data and
technology professional services business, today provides a trading
update for its financial year ended 31 December 2020.
-- Profitable trading for the second half of 2020 despite the COVID19 pandemic
-- This represents the first half-year profit before tax in two years.
-- Adjusted full year profit (excluding non-underlying items)
expected to be in line with 2019 adjusted profit before tax of
GBP115k.
-- Company-wide transformation programme concluded in the first
half of 2020. No further material non-underlying costs in the
second half of 2020.
-- Strong debtor performance resulted in net cash positive position at 31 December 2020.
-- Former Commercial Lead for Accenture in UK and Ireland joins
the management team as Commercial Director.
Trading in 2021 and outlook
John Conoley, Non-Executive Chairman of the Company, said:
"We enter 2021 with ever increasing confidence in our ability to
return the business to growth. We have agreed, subject to
completion, a contract extension with a customer in the retail
sector for a further twelve months; won work from a new consultancy
customer, a very large multinational business, and we are in the
very final stages of securing a significant new framework contract
from a public sector customer who we have worked with before.
"Recent new business performance and the benefits of a lower
cost base as a result of the successful transformation programme,
should allow us to grow both net revenue and profit before tax in
the coming year, despite the ongoing UK lockdown. We continue to
benefit from a stable customer base, which remains weighted towards
the public sector."
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of MAR.
For further information, contact:
Parity Group plc
Matthew Bayfield CEO 020 8543
Mike Johns CFO 5353
WH Ireland - Nominated adviser and broker
Mike Coe 0207 220
Chris Savidge 1666
This announcement contains certain statements that are or may be
forward-looking with respect to the financial condition, results or
operations and business of Parity Group plc. By their nature
forward-looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that will occur
in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements. These
factors include, but are not limited to (i) adverse changes to the
current outlook for the UK IT recruitment and solutions market,
(ii) adverse changes in tax laws and regulations, (iii) the risks
associated with the introduction of new products and services, (iv)
pricing and product initiatives of competitors, (v) changes in
technology or consumer demand, (vi) the termination or delay of key
contracts and (vii) volatility in financial markets.
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END
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