FINANCIALS: Parity Group results reveal revenue is rising

Parity Group has seen revenue climb 3% year-on-year, according to half-year results for the six months ended 30 June 2019.

The results, released by the technology staffing specialist this morning, reveal revenue rose from £43.2m in H1 2018 to £44.5m in H2 2019, along with a reduction in debt to £1.2m from £1.9m as of 30 June 2018.

Elaborating on the group’s performance, CEO Matthew Bayfield said: “Due to changing client demand we are moving Parity’s focus from a single line of business, dependent upon relatively low margin recruitment revenues, into a multi-line business built around consultancy, learning & development and strategic recruitment in the data world.

“The restructuring programme that we embarked upon earlier in the year has gone deeper into the organisation and has had to be more comprehensive than we originally anticipated. This more comprehensive transformation programme has had an expected impact on our short-term gross revenue; however, we are seeing the first signs that the plan will deliver higher margins and robust profitability in the medium term.

“A new senior team has been recruited, which is focused on higher margin opportunities and new service lines. The second phase of our transformation plan is about taking the new Parity business model to market with a renewed marketing and communications focus.

“In the last few months we have signed new contracts with, among others, the Department of Education, BAT and The Crown Commercial Service, and are delighted to report today a new retainer consultancy relationship with Compass Group.”

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