8th Apr 2015 08:16
LONDON (Alliance News) - Parity Group PLC Wednesday said its trading in 2015 has started in line with its plans, as it posted a narrowed pretax loss for 2014 following the reorganisation of its business in 2013.
The IT and marketing services company posted a pretax loss of GBP408,000, narrowed from a pretax loss of GBP949,000 in 2013, as revenue rose to GBP92.3 million from GBP91.5 million and it posted lower exceptional costs.
In the previous year the company posted exceptional costs of GBP1.6 million, including GBP695,000 in transaction costs and GBP732,000 in property provisions.
Revenue from its Professionals division rose to GBP84.5 million from GBP84.7 million, as it shifted towards sales activity in higher margin sectors. This helped offset a small decline in its SuperCommunications business to GBP7.8 million from GBP8.2 million.
The company said that, having split its business into the two divisions in 2013, over the last year they have prepared for a possible independent future. It expects Professionals' performance to be stable in 2015, and growth and better profitability from SuperCommunications.
"I am pleased that we managed to slightly improve our overall performance in 2014 and reduce substantially the non-recurring costs as our divisional restructuring programme came to an end. This was achieved during a year of significant change. Looking ahead we now have two well-managed independent divisions concentrating on their very clear strategies, without further significant restructuring or re-direction," said Chairman Philip Swinstead in a statement.
Shares in Parity are trading up 2.9% at 9.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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