Parity Group PLC Notice of Interim Results (0931H)
30 July 2019 - 4:02PM
UK Regulatory
TIDMPTY
RNS Number : 0931H
Parity Group PLC
30 July 2019
30 July 2019
Parity Group plc
("Parity" or the "Group")
Notice of Interim Results
Parity Group plc ("Parity" or the "Group"), the data and
technology focussed professional services business, today provides
the following update on trading for the six months ended 30 June
2019.
Parity will announce its interims results for the six months
ended 30 June 2019 in mid-September 2019. The results will be
consistent with the market's expectation for the full year. Net
debt, representing cash and cash equivalents less borrowings, was
GBP1.2m at the end of June (30 June 2018: GBP1.9m, 31 December
2018: GBP1.1m). Board expectations for the full year remain
unchanged.
Commenting Chief Executive Matthew Bayfield said: "Our
transformation plan for Parity, which was launched part way through
the first half, is progressing well. We are delivering cost
savings, making good progress with the changes to our people and
skills and beginning to win the consultancy contracts that will, in
time, improve our gross margins."
"The transformation plan is more pertinent than ever as market
conditions in the traditional recruitment sector remain challenging
with continued margin pressure being driven by new entrants and
digital recruitment solutions. At Parity, we are seeking to move
away from low margin recruitment to focus on providing solutions in
the data market offering consultancy, learning and development and
strategic recruitment."
The business has achieved some encouraging new contract wins and
renewals in recent weeks.
Highlights of recent activity include:
-- winning a 'G-Cloud' call off contract with the Department for
Education to supply consultancy, business intelligence and data
analytics. Parity specialises in the creation of end-to-end IT
solutions which incorporate Business Intelligence. We will provide
strategic, technical and business consultancy, Cloud implementation
and systems support, ensuring integration with our customers' Cloud
and on-premises systems and sources of data.
This 12 month contract for the Transformation project is
renewable for a further 12 months and has an estimated maximum
value to Parity of GBP2m per annum.
-- recently signing with BAT, a longstanding client, a contract
extension for a further 6 months of work, and with strong
expectation of a further 12 month extension. The extension which is
on similar terms to the existing contract will cover, amongst other
things, consultancy work on systems integration.
-- being successful in three separate lots within a recently
concluded tender for a two-year framework contract with the Crown
Commercial Service. The Crown Commercial Service is putting in
place a pan Government collaborative framework contract for use by
UK public sector bodies which include Central Government
Departments and their arm's length bodies and agencies,
non-departmental public bodies, NHS bodies and local authorities.
The aforementioned public sector bodies have a need for
non-clinical temporary and fixed term staff which Parity will be
able to provide under the new framework contract.
This framework contract covers an initial period of two years,
with the potential to extend for an additional two years, and will
in part replace an existing framework contract. Existing revenues
are approximately GBP8m per annum, with the new framework providing
opportunity for growth.
For further information, please contact:
Parity Group PLC www.parity.net
Matthew Bayfield, CEO + 44 (0) 208 543 5353
Roger Antony, GFD
WH Ireland Limited www.whirelandcb.com
Mike Coe / Chris Savidge +44 (0) 117 945 3470
Donhead Consultants, PR & Communications
David Beck +44 (0) 7836 293383
END
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END
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