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Parity Group PLC Back In the Black

Parity Group PLC Back In the Black

Parity Group the UK IT services company, announces its interim results for the six months ended 30 June 2012.


&middot Group revenues up 5% to &pound42.86 million (2011: &pound40.80 million) up 8.9% on second half revenues of 2011 (&pound39.35 million).

&middot Acquisition of 3D specialist Inition in May 2012 for &pound2.25 million with a further conditional earn-out of up to &pound1 million marks the first step in the Group's strategy to move into the digital media market.

&middot Group profit, before tax and transaction costs, recovered to &pound0.32 million (2011: &pound0.37 million loss)

&middot Group loss before tax was &pound0.24 million (2011: &pound0.37 million loss)

&middot Cash at period end was &pound3.12 million (2011: &pound6.68 million)

&middot Net debt at period end was &pound3.94m (2011: &pound1.12 million)

Philip Swinstead, Chairman of Parity, said: "It is encouraging in this difficult climate to see the Group's revenue increasing significantly for the first time in five years and a return to underlying profitability.

New strategies and improved offerings in Resources and the fast-growing pipeline in Talent Management are starting to show through in the results. The System's market remains challenging, but we look forward to the fruits of its business intelligence initiative and its integration into our digital media strategy.

We continue to invest in new senior management and professional advice this year to enable the acquisition activity needed for our digital media initiative. As a consequence we were pleased to announce our first such move in May when we acquired Inition, the Shoreditch-based 3D solutions specialist.

We maintain our concentration on improving shareholder value, and will continue to progress our digital media strategy in a careful, considered manner suitable for the current economic climate."


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