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Parity anticipates double digit growth in operating profit

By BFN News | 07:47 AM | Monday 17 July, 2017

Parity said it maintained positive momentum from its strong start to 2017. The Board expects group operating profit for the half year to show double digit growth compared to the first half of 2016, and be consistent with the market's full year expectations. The first half of 2017 saw a further reduction in net debt, reflecting a positive swing in the group's working capital. Net debt as of 30 June 2017 was £2.3m (31 December 2016: £4.4m.) Parity's strategic focus remained on supporting the rebalancing of the business towards the more profitable consultancy Services. This division generated significant growth in its revenues compared with the equivalent period last year and is running ahead of expectations. The lower margin Professionals division saw slightly lower revenues in the first half compared with the first half of 2016 due to lower public sector contractor volumes resulting from supply side uncertainty and then the transition required to deal with the IR35 taxation reforms. However, the division appears to have weathered the process more favourably than some other staffing businesses and client demand was restored post-implementation. Story provided by

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