Parity Group’s revenues up 15% in H1 2016
Parity Group plc has announced its interim results for the six months ended 30th June 2016.
Group revenues increased by 15% to £47.5m (H1 2015: £41.2m). EBITDA before share based charges and non-recurring items increased by 182% to £1.1m (H1 2015: £0.4m).
The company reported profit before tax of £0.2m (H1 2015: loss before tax of £0.9m).
Parity stated that earnings per share were 0.16p (H1 2015: loss per share 0.87p).
§ Cash inflow from operations increased to £1.1m (H1 2015: £0.6m). There was a reduction in net debt to £6.5m from £7.4m at 2015-year end. Cash at period end was £4.1m (2015 year end: £2.6m).
The group says its finance facility has extended on improved terms for two further years until 31st December 2018.
Alan Rommel, CEO of Parity Group, said, "Parity has made strong progress in delivering the new growth strategy, and it is clear to see the enthusiasm across the Group with which this momentum is being maintained. The improved financial results demonstrate that the Group has a stable and solid base upon which it can continue to invest in our Professionals division and to create new higher-value services through our exciting new Consultancy Services division.
“The Board remains confident in the progress being made in the new strategic direction, and is focused on continuing to drive profitability, cash flow and shareholder value. Current trading is in line with expectations, with an improved performance expected in the second half."
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