Parity Group’s revenues have declined but “performance has been resilient”, preliminary results for the year ended 31 December 2009 show.

·     Group revenue from continuing operations was £119m (2008: £132.3m)

·    Parity Resources recorded revenues of £100.5m (2008:  £110.2M) and operating profit before exceptional items of £3m (2008:  £3.7m)

·     Revenues for Parity Solutions was £18.5m (2008:  £22.1m) and operating profit before exceptional items of £0.03m (2008: £1.4m)

·     Group profit from continuing operations before tax and exceptional items was £0.25m (2008: £1.7m)

·     Net debt of £9.8m (2008: £3.8m)

Alwyn Welch, chief executive, says: “As the recession deepened during 2009, Parity continued to experience difficult trading conditions. Against this background, Parity Resources delivered a very resilient performance, especially compared to most of its competitors, while Parity Solutions struggled for much of the year although it showed improvement in the second half.  By acting quickly on both costs and operating systems, we have weathered the economic storm far better than the group has done in the past.

“Prudence and caution will remain our operational watchwords, as we navigate Parity through the current year and as the market slowly emerges from recession.”