Parity Group PLC Trading Update (5244T)
25 July 2022 - 4:00PM
UK Regulatory
TIDMPTY
RNS Number : 5244T
Parity Group PLC
25 July 2022
25 July 2022
Parity Group plc
Half Year Trading Update
Parity reports growth in net fee income for the first time in
more than three years and a positive Adjusted EBITDA for H1
2022
Parity Group plc (AIM: PTY), the data and technology-focused
recruitment and professional services company, is pleased to issue
a trading update for the half year ended 30 June 2022.
H1 Highlights
-- Net Fee Income expected to be up to 9% higher against prior period, H2 2021.
-- The first time in more than three years that the business has
increased NFI in sequential reporting periods.
-- Improved operating performance in H1 2022 following actions
taken to refocus the business and streamline the cost base during
the prior year.
-- Adjusted EBITDA(1) forecast for H1 2022 to be circa GBP0.3m,
following an EBITDA(1) loss in H2 2021.
Mark Braund, Executive Chairman, said:
"Having successfully rebuilt the core recruitment business
platform within Parity, we are beginning to see this capability
make a positive impact on the performance of the business.
During the period, we materially improved customer relationships
and the size and quality of Parity's virtual bench of skilled
technology contractors, re-establishing it as one of the best of
its kind addressing the public sector market. With improvements in
mobility and skills transfer, Parity's access to these skilled
resources will be increasingly valuable as we focus more of our
attention on the commercial (private) sector.
With this foundation in place, we are evolving our proposition
to include relevant new areas of business that will support future
growth. Permanent recruitment is one such opportunity, driven by
demand from current clients and the wider market. I am delighted
that the investment we have made during H1 2022 to develop our
permanent recruitment team is already beginning to pay back with a
positive contribution to our first half performance. We are seeking
to develop this revenue stream further in the second half.
The last nine months or so have seen significant change in the
make-up, focus and strength of the team. The enthusiasm, commitment
and tenacity of all my colleagues is at the core of Parity's
turnaround. For this and on behalf of the Board, I say a heartfelt
"thank you".
We still have much more to do but with each step we are making,
our foundations are getting stronger. The balance of the year will
be focused on maintaining our positive momentum and positioning the
business for further growth in 2023."
(1) - Adjusted to exclude non underlying items
Contacts
Parity Group plc Tel: + 44 (0) 20 8171
1729
Mark Braund, Executive Chairman www.parity.net
Mike Johns, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser Tel: +44 (0) 20 3328
and Broker) 5656
David Hart / Freddie Wooding (Corporate
Finance)
Tony Quirke (Sales and Corporate Broking)
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END
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