Connecting to LinkedIn...

Blank

Parity Posts A Loss

Parity Posts A Loss

Parity Group plc the UK IT Services Company, is pleased to announce interim results for the six months ended 30th June 2009.

Revenue of 62.8M (2008: 66.3M).
Operating profit from continuing operations (before exceptional items) of 336k (2008: 735k).
Loss before tax from continuing operations of 362k* (2008: profit of 35k).
Resources delivered a strong performance, maintaining operating profit margin in a weak market.
Solutions had a difficult first half, with market conditions remaining very challenging.
Satisfactory progress was made in disconnecting the Group's former Training operations following disposal of the business in February.
Tight focus on cost reductions, including closure of Leeds and Hemel Hempstead offices.
Continued close attention to cash flow and working capital management.

After exceptional charges of 129k.

Commenting on the results Alwyn Welch, Chief Executive, said: We are continuing to experience difficult trading conditions due to the severity of the recession. Demand for skills in our areas of focus in Resources has held well, whilst the discretionary nature of much of Solutions' business means that market has continued to see extended procurement cycles, project delays and cancellations.

We expect market conditions to remain difficult during the remainder of this year and the first half of 2010. We will therefore continue to manage with care, balancing the need to retain and motivate our staff and to invest in sales capacity to compete, with the need to be prudent, which has so far delivered a resilient performance in Resources and an improving situation in Solutions.

Management's expectations for trading performance for the year remain unchanged.

Tags:

Articles similar to

Articles similar to