20th Jan 2022 12:19
(Alliance News) - Parity Group PLC announced on Thursday that it had met or exceeded market expectations for 2021 following the decision to refocus its business around recruitment.
Shares in Parity were up 15% at 7.75 pence in London at midday on Thursday.
The London-based recruitment and consultancy company said it now expects group revenue to be "slightly" ahead of its GBP47.6 million target. In 2020, Parity reported revenue of GBP57.8 million.
Parity said it anticipates "modest" earnings before interest, tax, depreciation and amortisation profit, instead of the originally expected loss. It added that its net fee income was in line with its expectations of GBP4.1 million.
The company explained that this was driven by the decision over the last 3 to 6 months to "flatten the management structure of the group and refocus resources from non-core activities into its core recruitment solutions business".
Looking forward, Parity said it plans to focus its investment in 2022 on extending its sales and marketing capacity to meet the "growing demand" for resources across data, technology and change management.
By Heather Rydings; [email protected]
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