Parity Group plc, has announced its unaudited preliminary results for the year ended 31 December 2008.
Group revenue down 7% to 148.7M (2007: 159.9M)
Profit after tax from continuing operations of 1.2M (2007: 0.5M)
Loss after tax from discontinued operations of 4.6M (2007: 0.1M)
Net debt further reduced to 3.8M (2007: 6.6M) primarily through working capital improvement
Revenue down 6% to 132.3M (2007: 141.3M)
Operating profit down 15% to 2.64M (2007: 3.1M)
Profit before tax3 of 1.7M (2007: 2.1M)
Profit before tax (after exceptional items) of 1.3M (2007: 1.7M)
1 From continuing and discontinued businesses
2 Excluding Training, divested February 2009
3 Before exceptional items of 371,000 (2007: 347,000)
Operational key points:
Trading environment deteriorated as the year progressed
Excellent performance in Resources business, with strong H2 revenue growth
Solutions and Training businesses badly impacted by market conditions
Disposal of Training business completed in February 2009
Action taken on cost base and sales focus
Modest focused investment in offerings, people and efficiency
Alwyn Welch, Chief Executive, commented:
"2008 was a year of mixed fortunes in the Group. Whilst the economic downturn led to slowing client buying decisions in both Training and Solutions, Resources delivered a strong performance throughout the year. Combined with a number of cost reduction actions, this allowed us to reverse a first half loss and generate a much improved trading result for the second half of the year.
"We have seen market conditions at the start of 2009 remain very difficult and unpredictable. In these conditions, visibility is low even for the near future, and we will therefore continue to manage our business in a prudent and cautious manner.
"With a better focus and profile, good positions in our chosen markets, and with net debt further reduced, the Board remains determined that the Group will emerge from the recession stronger."