IT recruiter Parity Group Plc announced its results for the six months to 30 June 2001 yesterday. Profits before tax were down £5.7m to £1.4m. Turnover was down almost £9m to £130.4m. Basic earnings per share more than halved, down from 3.14p per share to 1.44p.

Commenting on the results, chief executive Ian Miller said the Group had achieved a ‘solid first half performance at the operating level, despite the very difficult market conditions’. Parity’s priority has been to keep a tight control of costs while driving through its strategy of ‘solutions-oriented service offerings, longer-term contracts and higher levels of repeat business,’ Miller said.

Market conditions remain difficult to predict, demand for IT services has slowed and competition has increased, said chairman Bill Cockburn. He remained confident about Parity’s prospects for the future, and stated that ‘the Group is weathering the storm well and is positioned for strong growth as the market returns to normal.’

The Group’s overall performance in the six months to 30 June 2001 was in line with the guidance given in its trading statement issued on 25 May.

Meanwhile, leisure and hospitality recruiter Prime People Plc’s interim results, released today, showed operating profits down 8% on last year. Chairman Richard Lee stated that it was ‘disappointing’ that ‘after a number of years of steady growth’ profits had fallen over the last six months. He commented that the company will be ‘very cautious’ in looking at possible acquisitions over the coming months, but ‘will remain receptive to the concept of developing the company should opportunities occur’.