REG - Parity Group PLC - Interim Results
29/09/2022 07:01
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220929:nRSc0685Ba&default-theme=true
RNS Number : 0685B Parity Group PLC 29 September 2022
PARITY GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2022
29 September 2022
Parity Group plc ("Parity" or the "Group"), the data and technology focused
professional services business, announces its half year results for the six
months ended 30 June 2022 ("H1 2022").
Headlines
· Net fee income (NFI) 9% higher against H2 2021.
· The first time in more than three years that the business has
increased NFI in sequential reporting periods.
· Adjusted EBITDA((1)) for H1 2022 of £0.3m.
· Operating profit of £0.1m.
· Improved operating performance in H1 2022 following actions taken to
refocus the business and streamline the cost base during the prior year.
Key P&L Financials
For the six months ended 30 June 2022
Six months Six months Year
to 30.06.22 to 30.06.21 to 31.12.21
(Unaudited)
(Unaudited) (Audited)
£'000
£'000 £'000
Revenue 21,055 25,998 46,962
Net fee income 1,917 2,322 4,080
Adjusted EBITDA(1) 305 192 127
Operating profit/(loss) before non-underlying items 101 18 (269)
Adjusted loss before tax(1) (59) (91) (550)
Loss before tax (82) (491) (1,103)
(1) Adjusted EBITDA and adjusted loss before tax are non-IFRS alternative
performance measures, defined in Note 1 of the notes to the interim results.
Mark Braund, Executive Chairman of Parity Group plc, said:
"Having successfully rebuilt the core recruitment business platform within
Parity, we are beginning to see this capability make a positive impact on the
performance of the business.
During the period, we materially improved customer relationships alongside the
size and quality of Parity's virtual bench of skilled technology contractors,
re-establishing it as one of the best of its kind addressing the public sector
market. With improvements in mobility and skills transfer, Parity's access
to these skilled resources will be increasingly valuable as we focus more of
our attention on the commercial (private) sector.
The balance of the year is focused on maintaining our positive momentum and
positioning the business for further growth in 2023."
Contacts
Parity Group PLC www.parity.net (http://www.parity.net)
Mark Braund, Executive Chairman + 44 (0) 208 171 1729
Mike Johns, CFO
Allenby Capital Limited (Nominated Adviser and Broker)
David Hart / Freddie Wooding (Corporate Finance) +44 (0) 20 3328 5656
Tony Quirke (Sales and Corporate Broking)
This announcement contains certain statements that are or may be
forward-looking with respect to the financial condition, results or operations
and business of Parity Group plc. By their nature forward-looking statements
involve risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. There are a number of factors
that could cause actual results and developments to differ materially from
those expressed or implied by such forward-looking statements. These factors
include, but are not limited to (i) adverse changes to the current outlook for
the UK IT recruitment and solutions market, (ii) adverse changes in tax laws
and regulations, (iii) the risks associated with the introduction of new
products and services, (iv) pricing and product initiatives of competitors,
(v) changes in technology or consumer demand, (vi) the termination or delay of
key contracts and (vii) volatility in financial markets.
Overview
H1 2022 has been a period of stabilisation and development for the Group.
After realigning the strategy around its core recruitment competencies in the
second half of 2021, the Group has re-established a stable platform for the
business and in doing so has successfully delivered upon its first objective
since refocusing on recruitment services, with a return to profitability at
both Adjusted EBITDA and Operating profit levels during the period.
The Group has also seen 9% growth in net fee income against H2 2021.
In H1 2022, the Group has established a new permanent recruitment team and
added to its investment in new business capability. Returns from these
investments are expected to start to be seen during the second half of 2022
and into 2023. Parity will continue to invest in frontline resources to
support growth including in areas where there is an opportunity to develop
higher margin business utilising Parity's access to high value scarce
resources.
Despite the current economic conditions and uncertainties, the contract
recruitment market and, in particular, the public sector continue to be
resilient with high demand for skilled resources in the Group's key areas of
expertise (technology, data, and transformation) driving up billing rates and
margins.
With public sector recruitment predominantly delivered through framework
agreements, the Group is once again working with public sector procurement
bodies to tender for new and existing multiyear frameworks. With 18 tenders so
far this year, the Group has to date been successful with nine and is awaiting
the outcome from four that will come later in the year/early in 2023. The new
frameworks give Parity access to new clients and roles within the public
sector that will support growth in H2 2022 and beyond.
Having achieved its initial goal to refocus around recruitment and
demonstrated its ability to deliver this profitably, the Group is now focused
on developing new business from both the public and private sectors to drive
NFI upwards and delivering an increased bottom line performance.
Financial review
H1 2022 has seen the Group continue its journey to re-establish its focus
around recruitment services and headline financial performance for H1 2022 has
benefited from the decisions made in H2 2021. The realignment of resources in
2021 has created a lower cost base for the business and, combined with market
conditions supporting increased billable rates and the benefit from additional
non recruitment revenues in H1, the business has delivered both growth and
profitability during H1 2022.
The Group has benefited from continuing demand within the contract recruitment
market for skilled resources in the Group's key areas of expertise
(technology, data, and transformation) and this has contributed to a modest
lift in net fee income. Core recruitment net fee income has increased by 5%
over H2 2021 and with the addition of income from other activities, total net
fee income for H1 2022 was 9% higher than H2 2021. The increase in net fee
income combined with lower costs has enabled the Group to post a positive
adjusted EBITDA of £305k for H1 2022 (H1 2021: £192k, FY 2021: £127k).
Net fee income
Net fee income for H1 2022 was £1.92m. Whilst lower than H1 2021, this
represents a 9% increase on Net fee income of £1.76m in H2 2021 and is the
first time in more than three years that the business has increased NFI in
sequential reporting periods.
NFI for the period from recruitment activities of £1.6m was flat against the
second half of FY21. A reduction in average contractors (384 for H1 2022 vs
415 for H1 2021) was offset by an increase in average billable day rate by 4%
and higher utilisation during H1 2022.
Non recruitment NFI increased from £264k in H2 2021 to £400k in H1 2022,
driving up the total NFI performance. Included within the total NFI for FY22
is £69k of revenue from permanent hires by the new permanent recruitment
team. In addition, the negotiation of the conclusion of the BAT contract that
ended on 31(st) March 2022 yielded additional managed service fees during the
period.
Operating costs
During H2 2022, the business realigned its costs base, streamlining management
and non-recruitment costs, enabling the business to re-invest in its core
recruitment activities during H1 2022. The net impact has been a reduction in
operating costs to £1.8m, 11% lower than the prior half year and 27% lower
than H1 2021. This reduced cost was achieved despite an investment of £80k
during H1 2022 in the development of small permanent recruitment team.
Result before tax
As a result of the actions taken by the Group in the second half of 2021 to
realign its costs and focus its activities on recruitment, the Group has been
able to reduce its overall cost base and this has enabled it to deliver an
adjusted EBITDA of £305k (H1 2021: £192k, FY 2021: £127k).
During the period, the business incurred £23k of non-underlying costs as a
result of the conclusion of a contract with BAT in March 2022.
After the inclusion of non-underlying items, the Group posted a much reduced
loss before tax of £82k for H1 2022, compared to a loss before tax of £491k
in H1 2021 and £1,103k in FY 2021.
Cash & net debt
Net debt as at 30 June 2022, excluding adjustments for IFRS 16 lease
liabilities, was £4.5m (30 June 2021: net debt of £1.1m, 31 December 2021:
net debt of £1.1m).
The Group continues to utilise its £9m asset-based lending (ABL) debt
facility. The current facility is in place until April 2024 and is secured
against billed and unbilled receivables to manage both intra month and inter
month movements in working capital. Over the last 15 months since switching
the facility to Leumi ABL, the Group has benefited from the increased
flexibility the Leumi facility provides.
A short delay in receipt of cash from clients across the period end meant
that, at the end of the first half, debtors increased in the period. The
increased borrowing reflects only timing differences across the period end and
the position was normalised within the first week of July. The Group had no
bad debt during the period. After adjusting for the timing difference on
debtor payments, a normalised net debt for end of the period would have been
£1.9m. This represents an increase of £800k over the position as at 31(st)
December 2021. The increase in net debt can be attributed to:
Adjusted Net Debt movement £m
31/12 2022 (1.1)
Timing on contractor payments (0.5)
Deferred VAT repayment (0.1)
FY21 Exceptional items paid in FY22 (0.1)
Pension (0.2)
30/06/2022 (Adj. for debtors) (1.9)
Timing of debtor payments (2.6)
30/06/2022 (4.5)
Defined benefit pension
The final salary pension scheme surplus was £0.8m on 30 June 2022 (30 June
2021: surplus of £1.3m; 31 December 2021: surplus of £1.9m). With volatile
investment markets during the period and inflationary pressures, both pension
liabilities and pension assets fell over the period. A rise in long dated gilt
yields caused both liabilities and LDI funds to fall in value. Growth assets
that had been the driver of surpluses in recent periods also fell during the
first half. The net impact has been a fall in the surplus at the end of the
period. Despite the fall in the surplus, the scheme remains well positioned
and the trustees and Group continue to explore opportunities that would enable
a buyout of the scheme in the future and relieve the Group of future
obligations for this legacy scheme.
During the period, the Group made £166k of contributions to the pension
scheme.
Outlook
Parity is now a much simpler business than it has been for many years and,
having focused itself around delivering recruitment solutions, is now well
positioned to build long-term value.
The last nine months or so have seen significant change in the make-up, focus
and strength of the team. The enthusiasm, commitment, and tenacity of all my
colleagues is at the core of Parity's turnaround. For this and on behalf of
the Board, we say a heartfelt "thank you".
The next goal is to leverage Parity's brand and reputation to convert new
business opportunities in both contract and permanent and across both public
and private sectors, providing a platform for growth and an opportunity to
consider other options to enhance shareholder value.
The Group has a strong client base, committed employees, a reputation in the
market for providing contractors with rewarding opportunities, and clients
with the best resources to deliver upon their technology, data, and
transformation projects.
Consolidated condensed income statement
For the six months ended 30 June 2022
Six months Six months Year
to 30.06.22 to 30.06.21 to 31.12.21
(Unaudited)
(Unaudited) (Audited)
£'000
£'000 £'000
Notes
Revenue 3 21,054 25,998 46,962
Contractor costs (19,137) (23,676) (42,882)
Net fee income 1,917 2,322 4,080
Operating costs before non-underlying items (1,816) (2,304) (4,349)
Operating profit/(loss) before non-underlying items 101 18 (269)
Non-underlying items 4 (23) (400) (553)
Operating profit/(loss) 78 (382) (822)
Analysed as:
Adjusted EBITDA(1) 305 192 127
Share based payment (charge)/income (20) 59 64
Depreciation and amortisation (184) (233) (460)
Non-underlying items 4 (23) (400) (553)
Finance costs 5 (160) (109) (281)
Loss before tax (82) (491) (1,103)
Analysed as:
Adjusted loss before tax(1) (59) (91) (550)
Non-underlying items 4 (23) (400) (553)
Tax (charge)/credit 6 (213) (34) 467
Loss for the period attributable to owners of the parent (295) (525) (636)
Loss per share (0.29p) (0.51p) (0.62p)
Basic 7 (0.29p) (0.51p) (0.62p)
Diluted 7
All activities comprise continuing operations.
(1) Adjusted EBITDA and adjusted loss before tax are non-IFRS alternative
performance measures, defined in Note 1 of the notes to the interim results.
Consolidated condensed statement of comprehensive income
For the six months ended 30 June 2022
Six months Six months Year
to 30.06.22 to 30.06.21 to 31.12.21
(Unaudited)
(Unaudited) (Audited)
£'000
£'000 £'000
Loss for the period (295) (525) (636)
Other comprehensive income
Items that will never be reclassified to profit or loss
Remeasurement of defined benefit pension scheme (783) 985 1,620
Deferred taxation on remeasurement of defined benefit pension scheme 274 (187) (567)
Other comprehensive income for the period after tax (509) 798 1,053
Total comprehensive income for the period attributable to owners of the parent (804) 273 417
Consolidated condensed statement of changes in equity
For the six months ended 30 June 2022
Six months to 30.06.22 (Unaudited)
Share Share Capital redemption reserve Other Retained Total
capital premium £'000 reserves earnings £'000
£'000 reserve £'000 £'000
£'000
At 1 January 2022 2,062 33,270 14,319 34,560 (77,184) 7,027
Share options - value of employee services - - - - 20 20
Transactions with owners - - - - 20 20
Loss for the period - - - - (295) (295)
Other comprehensive income for the period - - - - (509) (509)
At 30 June 2022 2,062 33,270 14,319 34,560 (77,968) 6,243
Six months to 30.06.21 (Unaudited)
Share Share Capital redemption reserve Other Retained Total
capital premium £'000 reserves earnings £'000
£'000 reserve £'000 £'000
£'000
At 1 January 2021 2,053 33,244 14,319 34,560 (77,537) 6,639
Share options - value of employee services - - - - (59) (59)
Transactions with owners - - - - (59) (59)
Loss for the period - - - - (525) (525)
Other comprehensive income for the period - - - - 798 798
At 30 June 2021 2,053 33,244 14,319 34,560 (77,323) 6,853
Year to 31.12.21 (Audited)
Share Share Capital redemption reserve Other Retained Total
capital premium £'000 reserves earnings £'000
£'000 reserve £'000 £'000
£'000
At 1 January 2021 2,053 33,244 14,319 34,560 (77,537) 6,639
Shares issued in the period 9 26 - - - 35
Share options - value of employee services (64) (64)
Transactions with owners 9 26 - - (64) (29)
Loss for the year - - - - (636) (636)
Other comprehensive income for the year - - - - 1,053 1,053
At 31 December 2021 2,062 33,270 14,319 34,560 (77,184) 7,027
Consolidated condensed statement of financial position
As at 30 June 2022
Notes As at As at As at
30.06.22 30.06.21 31.12.21
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Assets
Non-current assets
Goodwill 4,594 4,594 4,594
Other intangible assets 136 4 84
Property, plant and equipment 13 17 15
Right-of-use assets 97 76 149
Trade and other receivables - 58 29
Deferred tax assets 557 405 528
Retirement benefit asset 8 1,243 1,280 1,939
Total non-current assets 6,640 6,434 7,338
Current assets
Trade and other receivables 7,803 7,733 4,768
Cash and cash equivalents 150 904 1,121
Total current assets 7,953 8,637 5,889
Total assets 14,593 15,071 13,227
Liabilities
Current liabilities
Loans and borrowings (4,657) (2,016) (2,279)
Lease liabilities (173) (147) (242)
Trade and other payables (3,478) (5,895) (3,608)
Provisions - (40) -
Total current liabilities (8,308) (8,098) (6,129)
Non-current liabilities
Lease liabilities - (78) (29)
Provisions (42) (42) (42)
Total non-current liabilities (42) (120) (71)
Total liabilities (8,350) (8,218) (6,200)
Net assets 6,243 6,853 7,027
Shareholders' equity
Called up share capital 2,062 2,053 2,062
Share premium account 33,270 33,244 33,270
Capital redemption reserve 14,319 14,319 14,319
Other reserves 34,560 34,560 34,560
Retained earnings (77,968) (77,323) (77,184)
Total shareholders' equity 6,243 6,853 7,027
Consolidated condensed statement of cash flows
For the six months ended 30 June 2022
Six months Six months Year
to 30.06.22 to 30.06.21 to 31.12.21
(Unaudited)
(Unaudited) (Audited)
£'000
Notes £'000 £'000
Cash flows from operating activities
Loss for the period (295) (525) (636)
Adjustments for:
Net finance expense 5 160 109 281
Share-based payment expense/(income) 20 (59) (64)
Income tax charge/(credit) 6 213 34 (467)
Amortisation of intangible assets 0 2 3
Shares issued in lieu of Directors fees - - 35
Depreciation of property, plant and equipment 7 6 12
Depreciation and impairment of right-to-use assets 177 225 414
Loss on write down of lease assets - - 31
282 (208) (391)
Working capital movements
(Increase)/decrease in trade and other receivables (3,036) (1,642) 1,352
(Decrease)/increase in trade and other payables (130) 1,038 (1,249)
Decrease in provisions - (99) (139)
Payments to retirement benefit plan 8 (166) (161) (322)
Net cash flow used in operating activities (3,050) (1,072) (749)
Investing activities
Purchase of property, plant and equipment (4) - (4)
Development of intangible assets (54) - (81)
Net cash flow used in investing activities (58) - (85)
Financing activities
Drawdown/(repayment) of finance facility 2,377 (925) (662)
Principal repayment of lease liabilities (190) (238) (490)
Interest paid 5 (50) (33) (65)
Net cash from/ (used in) financing activities 2,137 (1,196) (1,217)
Net decrease in cash and cash equivalents (971) (2,268) (2,051)
Cash and cash equivalents at the beginning of the period 1,121 3,172 3,172
Cash and cash equivalents at the end of the period 150 904 1,121
Notes to the interim results
1 Accounting policies
Basis of preparation
The condensed interim financial statements comprise the unaudited results for
the six months to 30 June 2022 and 30 June 2021 and the audited results for
the year ended 31 December 2021. The financial information for the year ended
31 December 2021 herein does not constitute the full statutory accounts for
that period. The 2021 Annual Report and Accounts have been filed with the
Registrar of Companies. The Independent Auditor's Report on the Annual Report
and Financial Statements for 2021 was unqualified and did not contain a
statement under 498(2) or 498(3) of the Companies Act 2006.
The condensed financial statements for the period ended 30 June 2022 have been
prepared in accordance with the Disclosure and Transparency Rules of the
Financial Services Authority and with IAS 34 'Interim Financial Reporting'.
The information in these condensed financial statements does not include all
the information and disclosures made in the annual financial statements.
The condensed financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) in a manner consistent with
the accounting policies set out in the Group financial statements for the year
ended 31 December 2021.
Going concern
The interim financial statements have been prepared on a going concern basis.
The Directors have reviewed the Group's cash flow forecasts for the period to
31 December 2023, taking account of reasonably possible changes in trading
performance. Downside sensitivities have included reduced levels of new
business and in these scenarios, headroom under the Group's financing facility
meets the Group's funding requirements.
Financial instruments
Unless otherwise indicated, the carrying amounts of the Group's financial
assets and liabilities are a reasonable approximation of their fair values.
Alternative performance measures
The Group uses certain alternative performance measures to report its results
as stated before non-underlying items. These are non-IFRS alternative
performance measures which the Directors consider can assist with an
understanding of the underlying performance of the Group and comparison of
performance across periods. They are not a substitute for and are not superior
to any IFRS measure.
Adjusted profit/loss before tax is defined as profit/loss before tax and
non-underlying items. Adjusted EBITDA is defined as operating profit before
finance costs, tax, depreciation, amortisation, share based payments and
non-underlying items.
Non-underlying items
The presentation of the alternative performance measures of adjusted EBITDA
and adjusted profit/loss before tax excludes non-underlying items. The
Directors consider that an underlying profit measure can assist with an
understanding of the underlying performance of the Group and comparison of
performance across periods. Items are classified as non-underlying by nature
of their magnitude, incidence or unpredictable nature and their separate
identification results in a calculation of an underlying profit measure that
is consistent with that reviewed by the Board in their monitoring of the
performance of the Group. Events which may give rise to the classification of
items as non-underlying include gains or losses on the disposal of a business,
restructuring of a business, transaction costs, litigation and similar
settlements, asset impairments and onerous contracts.
Accounting policies: new standards, amendments and interpretations
At the date of authorisation of these interim financial statements, several
new, but not yet effective, standards, amendments to existing standards and
interpretations have been published. None of these have been adopted early by
the Group. New standards, amendments and interpretations not adopted in the
current year have not been disclosed as they are not expected to have a
material impact on the Group.
2 Segmental information
The basis by which the Group is organised and its operating model is
structured, is by customer sectors, being the public sector and the private
sector. The reporting of financial information presented to the Chief
Operating Decision Maker, being the Group board of directors, is consistent
with these reporting segments. As these reporting segments are supported by a
combined back office, there is no allocation of overheads.
Six months to 30.06.22 (Unaudited)
Public sector Private sector Total
£'000 £'000 £'000
Revenue 12,137 8,917 21,054
Contractor costs (11,137) (8,000) (19,137)
External contribution 1,000 917 1,917
Six months to 30.06.21 (Unaudited)
Public sector Private sector Total
£'000 £'000 £'000
Revenue 18,700 7,298 25,998
Contractor costs (17,034) (6,642) (23,676)
External contribution 1,666 656 2,322
Year to 31.12.21 (Audited)
Public sector Private sector Total
£'000 £'000 £'000
Revenue 32,544 14,418 46,962
Contractor costs (29,691) (13,191) (42,882)
External contribution 2,853 1,227 4,080
3 Revenue
The Group's revenue disaggregated by pattern of revenue recognition is as
follows:
Six months to 30.06.22 Six months to 30.06.21 Year to 31.12.21
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Services transferred over time 20,985 25,981 46,934
Services transferred at a point in time 69 17 28
Revenue 21,054 25,998 46,962
4 Non-underlying items
Six months to Six months to Year to
31.12.21
30.06.22 30.06.21
(Audited)
(Unaudited) (Unaudited) £'000
£'000 £'000
Restructuring
- Costs related to employees 23 366 502
- Costs related to premises - 34 31
- Other costs - - 20
23 400 553
Items are classified as non-underlying by nature of their magnitude, incidence
or unpredictable nature and their separate identification results in a
calculation of an underlying profit measure that is consistent with that
reviewed by the Board in their monitoring of the performance of the Group.
5 Finance costs
Six months to Six months to Year to
31.12.21
30.06.22 30.06.21
(Audited)
(Unaudited) (Unaudited) £'000
£'000 £'000
Interest expense on financial liabilities 50 33 65
Interest expense on lease liabilities 4 4 8
Interest income on lease assets (1) (2) (3)
Net finance costs in respect of post-retirement benefits 107 74 211
160 109 281
The interest expense on financial liabilities represents interest paid on the
Group's asset-based financing facilities.
6 Taxation
Six months to Six months to Year to
31.12.21
30.06.22 30.06.21
(Audited)
(Unaudited) (Unaudited) £'000
£'000 £'000
Recognised in the income statement
Current tax charge - - -
Deferred tax charge/(credit) 213 34 (467)
Total tax charge/(credit) 213 34 (467)
Recognised in other comprehensive income
Deferred tax (credit)/charge (274) 187 567
7 Earnings per ordinary share
Basic earnings per share is calculated by dividing the basic earnings for the
period by the weighted average number of fully paid ordinary shares in issue
during the period. Diluted earnings per share is calculated on the same
basis as the basic earnings per share with a further adjustment to the
weighted average number of fully paid ordinary shares to reflect the effect of
all dilutive potential ordinary shares.
Six months to 30.06.22 Six months to 30.06.21 Year to 31.12.21
(Unaudited) (Unaudited) (Audited)
Weighted Weighted Weighted
average number of average number of average number of
shares Loss shares Loss shares Loss
Loss 000's per share Loss 000's per share Loss 000's per share
£'000 Pence £'000 Pence £'000 Pence
Basic loss per share (295) 103,076 (0.29) (525) 102,624 (0.51) (636) 102,854 (0.62)
Effect of dilutive options - - - - - - - - -
Diluted loss per share (295) 103,076 (0.29) (525) 102,624 (0.51) (636) 102,854 (0.62)
As at 30 June 2022, the number of ordinary shares in issue was 103,075,633 (30
June 2021: 102,624,020 and 31 December 2021: 103,075,633).
8 Pension commitments
The Group provides employee benefits under various arrangements, through
defined benefit and defined contribution pension plans, the details of which
are disclosed in the 2021 Annual Report and Accounts. At the interim balance
sheet date, the major assumptions used in assessing the defined benefit
pension scheme liability have been reviewed and updated based on a
roll-forward of the last formal actuarial valuation, which was carried out as
at April 2018.
The following estimates have been applied to the IAS 19 valuation:
30.06.22 30.06.21 31.12.21
Rate of increase in pensions in payment 3.7-4.0% 3.7-4.0% 3.8-4.0%
Discount rate 3.8% 1.8% 1.9%
Retail price inflation 3.4% 3.4% 3.6%
Consumer price inflation 2.4% 2.4% 2.6%
The surplus has reduced by £783k since 31 December 2021, primarily as a
result of volatility and weakness in the investment markets during the period.
9 Related party transactions
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are therefore not
disclosed.
In 2021, the Group engaged the marketing services of CRM Squad. The Executive
Chairman Mark Braund is an owner and Director of CRM Squad. The total value of
services received from CRM Squad in the six months to 30 June 2022 was
£31,500 (Six months to 30 June 2021: none, Year to 31 December 2021:
£12,180).
10 Events after the reporting period
There are no events after the reporting period not reflected in the interim
financial statements.
Statement of directors' responsibilities
The directors confirm, to the best of their knowledge:
· The condensed set of financial statements has been
prepared in accordance with IAS 34 'Interim Financial Reporting';
· The interim management report includes a fair review of
the information required by DTR 4.2.7R of the Disclosure and Transparency
Rules of the United Kingdom's Financial Services Authority, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements, and a description of the principal risks and uncertainties for the
remaining six months of the year, and gives a true and fair view of the
assets, liabilities, financial position and profit for the period of the
Group; and
· The interim management report includes a fair review of
the information required by DTR 4.2.8R of the Disclosure and Transparency
Rules of the United Kingdom's Financial Services Authority, being a disclosure
of related party transactions and changes therein since the previous annual
report.
By order of the Board
Mark Braund
Executive Chairman
29 September 2022
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR UWVNRUWUKUARRecent news on Partway
See all newsREG - AIM Partway Group PLC - Cancellation - Partway Group Plc
AnnouncementREG - Partway Group PLC - Result of General Meeting
AnnouncementREG - Partway Group PLC - Proposed cancellation, MVL and notice of GM
AnnouncementREG - Partway Group PLC - Final Results
AnnouncementREG - AIM Partway Group PLC - Suspension - Partway Group Plc
Announcement