Parity slides into the red

Shares in information technology services firm Parity were below par Thursday morning after the company's full year results disappointed.Revenues in 2010 slumped to £93.0m from £119.0m the year before, while the group suffered a loss before tax and exceptional items of £3.1m, compared to a profit of £0.3m the year before. Net debt at the end of the year had been trimmed to £6.1m from £9.8m at the end of 2009."The UK IT services market remains uncertain, with some signs of recovery, including in the government sector. This will therefore be a year of consolidation with the focus on continuing to improve performance and finalising our new growth strategy, moving our offerings towards newer and more profitable emerging demands and technologies," said Philip Swinstead, the chairman and fonder of Parity, who rejoined the board in June 2010.