IT recruiter Parity Group is preparing for growth as it has seen a return to operating profit, according to interim results for the six months ended 30 June 2011.

The group’s results reveal:

·    Group revenues of £40.80m (2010: £52.59m); up 1% on H2 2010

·    Parity Solutions¹ returned to operating profit at £0.12m² (2010: £1.63m loss³)

·    Parity Resources operating profit of £0.91m² (2010: £1.08m)

·    Group EBITDA recovered to £0.11m (2010: £2.11m loss³)

·    Cash balance at period end of £6.68m (2010: £0.26m)

1 Parity Solutions comprises Parity Systems and Parity Talent Management divisions, which are separated internally for management and reporting purposes.

2 Operating profit/loss in this narrative statement refers to the segment profit/loss after exceptional costs but before tax.

3 Due to a change in accounting policy first adopted in the 2010 Annual Accounts in relation to accounting for pension costs and as explained in Note 1 to these accounts, the comparatives for 2010 have been restated.

Parity chairman Philip Swinstead says: “After a lot of hard work internally during the second half of last year, the benefits can be seen in these results. Both businesses are now in profit and have stopped the negative trends of recent years and, following our fundraising in May, we are beginning to implement the various growth initiatives at which the proceeds were mainly targeted.”