29th May 2014 11:02
LONDON (Alliance News) - IT services company Parity Group PLC Thursday said that trading since the start of the year has been encouraging, and is in line with market expectations.
In a statement released ahead of its annual general meeting Thursday, Parity said that having completed the re-structuring of the group into two independent divisions last year, it is now confident in future growth. In 2013, the group said it narrowed its pretax loss as revenues grew, although the growth was partly offset by restructuring costs.
"The board looks forward to increasing shareholder value from a strong base in future years," said Chairman Philip Swinstead in the statement.
The group has been going through a revamp to focus it on two divisions with separate missions and strategies: talent management business Parity Professionals, and IT and digital marketing systems unit Parity Digital Solutions. It also revamped its board and management.
Last week, Parity said it had acquired the business and assets of Golden Square Post Production Ltd from its administrator for less than GBP0.5 million. Golden Square is a London-based post-production and international content distribution business.
"This provides another key capability for our planned expansion in this market," said Swinstead Thursday.
Parity shares were up 5.7% Thursday midday, trading at 20.75 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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