Parity Group PLC AGM Statement and Change of Adviser (2204G)
May 25 2017 - 4:30AM
UK Regulatory
TIDMPTY
RNS Number : 2204G
Parity Group PLC
25 May 2017
25 May 2017
Parity Group plc
("Parity" or the "Group")
AGM Statement
At today's Annual General Meeting of Parity Group plc, the
technology focussed consultancy and staffing business, John
Conoley, the Non-Executive Chairman, will make the following
statement:
"As the new Chairman for Parity Group, I am pleased to report
that the Group has had a satisfactory start to the year, with clear
evidence that we are maintaining strategic momentum.
Our focus remains on the priorities stated in the recent full
year results announced on 23 March to accelerate the rebalancing of
our business, by continuing the development of the more profitable
Consultancy Services division. This drives our strategic objectives
of higher margin value-added services, with longer term visibility
and improved client engagement. We are achieving these objectives
whilst continuing self-funded investment to grow sales capacity,
and maintaining focus on cash generation and reducing net
borrowing.
Notwithstanding the stronger relative growth in Consultancy,
trading conditions in our core businesses remain largely unchanged
in Q1 and we are pleased to confirm that overall trading since
January remains in line with expectations.
We have seen increased demand for managed service solutions from
our Parity Consultancy Services ('Consultancy') division to support
both project management and technical solution delivery. Early
successes in this area are supporting the development of more
proactive solutions where the support of our recruitment business
enables the Consultancy to scale quickly without a high bench cost
whilst still maintaining our diligent and high quality service.
Parity Professionals experienced the usual seasonal drop in
contractor volumes at the end of March, though this was exacerbated
by the change in the assessment of taxation to contractors working
in the public sector (IR35). Whilst client demand is maintained,
there were some supply side issues due to the uncertainty that this
change has created. Despite this, the process has been well managed
and as a result, we are now able to have early visibility of the
assessment needed and control expectations, thereby limiting any
future impact on new placements.
Parity Group's broader portfolio of services puts us in a strong
defensive position when economic uncertainty or legislative change
drive clients to consider new solutions to meet their needs. The
extension of the MoD MCOCS project and the early fruits of success
with recent managed service wins provides us with further
confidence in the restructuring we have focused on within the new
strategy.
I am delighted to join the Parity Board, along with the
experienced Non-executive David Firth, at this pivotal time for the
business. The Board and management team continue to refine the
strategy and target investment opportunities to accelerate the
Group's development and provide shareholder value. We are all
excited about the potential opportunities on the horizon.
Finally, I am pleased to announce that we have appointed WH
Ireland as our nominated adviser and broker with immediate
effect."
Contacts:
Parity Group plc www.parity.net
Alan Rommel, CEO
Roger Antony, GFD +44 (0) 208 543 5353
WH Ireland Limited www.whirelandcb.com
Mike Coe / Ed Allsopp +44 (0) 117 945 3470
MHP Communications
John Olsen / Kelsey
Traynor + 44 (0)203 128 8100
END
This information is provided by RNS
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