Parity reports revenue decrease of over £7m in 2015
Parity Group plc has announced its audited preliminary results for the year ended 31st December 2015.
The group reported that revenues decreased to £84.84m in 2015, from £92.26m in 2014. Adjusted EBITDA was down from £1.6m in 2014 to £1.58m in 2015.
Parity reported that it had its first positive cash flow of £0.18m from operations in five years.
Net cash inflow from operations was £0.18m, in 2014 the group recorded £1.87m in cash outflow.
Net debt increased to £7.38m, from £6.61m in 2014.
Profit before tax and before non-recurring items and impairment was reported as £0.14m, down from £0.41m in 2014.
Alan Rommel, group CEO, commented, "Despite a year of significant change, in which we exited our digital acquisition strategy, implemented a cost-reduction exercise and streamlined the board, the results for the period reflect a relatively stable performance.
"We are excited to have now launched our new growth strategy that builds on our core profitable businesses of Parity Professionals and Parity Consultancy and that capitalises on the enhanced value creation potential of an integrated approach across the service lines. We are delighted to already be seeing the early signs of success, particularly in building the enlarged client base as well as leveraging existing relationships.
"Our experienced management team is fully focused on executing this new strategy. This year has started with strong momentum carried forward from the second half of 2015 and we remain confident in the progress being made and in our expectations for the year. Parity is now very well positioned with a clear strategy to support our clients with the people, skills and technology they need to succeed."