REG - Parity Group PLC - Trading Update

PartwayAnnouncement

20/01/2022 07:05

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RNS Number : 0205Z  Parity Group PLC  20 January 2022

Parity Group plc 

("Parity" or the "Company")

 

Trading update

Parity, the data and technology-focussed recruitment and professional services
company, is pleased to provide an update on trading for the financial year
ending 31 December 2021 ("FY 2021").

Following a change in management in June 2021 and the decision to refocus the
business around its core recruitment solutions capability, the Group is
pleased to confirm it has met or marginally exceeded market expectations for
FY2021.

·    Group revenue is anticipated to be slightly ahead of the £47.6m
target.

·    Net Fee Income ("NFI") in line with expectations of £4.1m

·    The Group anticipates a modest Adjusted EBITDA profit, instead of an
expected small loss.

·    Through improvements in working capital management the Group closed
the year with an improved Net debt (pre-IFRS16 adjusted) position of £1.2m,
ahead of market expectations.

Over the last 3-6 months Parity has taken steps to flatten the management
structure of the Group and refocus resources from non-core activities into its
core recruitment solutions business. The result is a material increase in
customer-facing headcount that has begun to make an impact, improving customer
engagement and performance.

Having rebalanced the core team to meet existing customer demands, Parity
plans to focus its investment in 2022 on extending its sales and marketing
capacity to drive innovative recruitment solutions to meet the growing demand
for highly skilled resources across data, technology and change management.

Mark Braund, Executive Chairman, said:

"I am pleased we have achieved the financial expectations reset earlier in the
year and am delighted the team has rapidly and successfully rebuilt the core
recruitment capability within Parity, providing the platform for driving the
recovery in value and performance of the business.

Through the operational leadership of Izzy (Isobel) Brown and CFO, Mike Johns,
Parity has achieved a rapid and positive change in the culture, motivation and
performance of the team. In doing so they have established a solid foundation
from which we now take on the next challenge, that of growth, by delivering
innovative higher-value solutions that help our customers secure in-demand
talent.

We have more to do, however the achievements so far position us well for the
year ahead."

 

 

-ENDS-

 

 Contacts
 Parity Group PLC                                       www.parity.net (http://www.parity.net/)
 Mark Braund, Executive Chairman                        + 44 (0) 20 8171 1729
 Mike Johns, CFO

 finnCap Ltd                                            https://www.finncap.com/ (https://www.finncap.com/)

 Jonny Franklin-Adams / Simon Hicks / Fergus Sullivan/  +44 (0) 20 7220 0500
 Tim Redfern / Charlotte Sutcliffe

 

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