FINANCIALS: Parity posts marginal revenue drop

Parity Group has posted a marginal decline of group year-on-year revenues, according to interim results for the six months to 30 June 2017.

The UK IT services group’s results, published this morning, reveals group revenues fell to £42.92m from £46.22m in the same period last year, with revenue for the group’s Professionals business down by 6.5% to £40.71m from £43.56m in H1 2016.

However, the group’s Consultancy Services revenue was up by 47.7% to £3.93m from £2.66m in the first half of last year, while the group also managed to cut its net debt to £2.3m from £6.5m in the year previous.

The group also reported it had managed to win 50 new clients, including places on the Digital Outcomes and Services 2, and G-Cloud 9 frameworks for consultancy and project delivery into the public sector and framework wins including a number of universities, the NHS and sole supply of permanent IT recruitment to Highways England.

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