Parity back in profit as demand for IT staff stays strong

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  • Specialist in data recruitment and IT staffing
  • Moved into profit in the second half of 2020
  • Handles a significant amount of public sector work

What it does

Parity provides clients with access to data and digital specialists.ts solutions are flexible

 So, it recruits both temporary and permanent staff as well as providing clients with the option of a managed service.

“We can take away project delivery and give you an output, or we can even deliver training so that your existing staff are skilled to be able to do whatever it is that needs to be done”

Demand has never been greater for experts trained in cybersecurity, digital transformation and virtualisation with millions now working from home.

Added solidity is provided by public sector workflow. “Around 70% of our revenue is coming from government tendered frameworks, and that’s been very helpful for us.”

How it’s doing

Parity Group PLC (LON:PTY) said it was profitable in the second half of the year to end-December 2020, its first profitable six months period for two years.

The recruiter and contract staff supplier added that, despite the coronavirus pandemic, it expects full-year profit to be in line with 2019’s adjusted number of £115,000.

Tight control of debtors also meant the group had swung into a net cash positive position at December 31, 2020, the AIM-listed group added.

What the boss says: John Conoley, chairman

“We enter 2021 with ever-increasing confidence in our ability to return the business to growth.

“We have agreed, subject to completion, a contract extension with a customer in the retail sector for a further twelve months; won work from a new consultancy customer, a very large multinational business, and we are in the very final stages of securing a significant new framework contract from a public sector customer who we have worked with before.

“Recent new business performance and the benefits of a lower cost base as a result of the successful transformation programme should allow us to grow both net revenue and profit before tax in the coming year, despite the ongoing UK lockdown.”

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