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15th Jun 2023 7:00 am RNS AGM Statement

"Parity Group plc (AIM: PTY), the data and technology-focussed recruitment and professional services company, announces that at the Company's Annual General Meeting ("AGM") being held at 12 p.m. today, Mark Braund, the Company's Executive Chairman, will make the following statement:

"In its Annual Report and Accounts for the year ended 31 December 2022, the Company highlighted three areas of focus for investment in 2023 to support future growth.

In the public sector, the Company has been successful in opening up new opportunities with existing frameworks and adding new frameworks that further broaden the potential client base.

Engagements with new clients in the private sector have the potential to develop into material sources of income and have already seen the Company working on a number of contract assignments for these clients.

Having set a target to develop our permanent recruitment capability further in 2023, the uncertainty in the economy has made it more challenging to build on the achievements from the prior year. Despite these challenges, the Company continues to believe that permanent recruitment will be a future area of growth for the business.

The Company expects to continue to build momentum, and with the groundwork laid in the first half of 2023, continue to grow our pipeline of opportunities with existing and new customers. The Board remains committed to returning the business to growth." ..."

https://www.lse.co.uk/rns/PTY/agm-statement-x42eyfhm9di3ve8.html

That looks to me like a pretty positive update; in summary:-

• Public sector work (2022 revenue £22.6M.) is doing well.

• Private sector work (2022 revenue £18M.) is doing well.

• Permanent recruitment (2022 revenue 0) is not doing as well as the above two.

But the third area is a new venture that is more for the future than the present, and is more reliant on economic recovery:-

16th May 2023 7:00 am RNS Final Results

" ... We established in 2022 a small permanent recruitment team with a mix of experienced permanent recruiters and graduates from our academy training programme. The team has started to build momentum and we are focusing business development resource to further develop the pipeline and conversion to revenue in 2023. ..."

https://www.lse.co.uk/rns/PTY/final-results-ubxcqw0g2f2mwqy.html

The company looks relatively well-funded to me, and at just 3.5p, market cap. £3.61M. (103,075,633 shares in issue) looks hugely undervalued.

Until the middle of June, its all-time closing low was 4.5p, but this week it closed at 3.25p for one day, before recovering slightly.

I would think that at this level it could attract the interest of a predator, and could easily get taken over for 10p/share or more.

The recent takeover of ECSC shows the huge premium (170.1%) that can be required to acquire a quality company like this from a depressed s.p.

Good to know that the government is really determined on Protect Duty, and that many people are already taking action in anticipation of this new legislation:-

"Protect Duty: Venue security law a top priority, minister says

16 June 2022

By Mat Trewern

Reporter, BBC Radio Manchester

Introducing a new law requiring public venues to better protect people from terror attacks is seen as a "top priority" by the security minister.

A year ago the public inquiry into the 2017 Manchester Arena bombing found a series of security failures and missed opportunities to prevent the atrocity.

A lawyer for seven bereaved Arena families has criticised how long it was taking to introduce Protect Duty laws.

But Security Minister Damian Hinds said the government had to "get it right".

The government said it intended to introduce legislation during the current parliamentary session.

Mr Hinds told the BBC he would "guarantee" the new law would have a strong legal duty on venues, as well as tough enforcement measures for those that do not comply.

The government first announced plans for the so-called Protect Duty in January, compelling all public venues to have appropriate security procedures in place.

Mr Hinds said it was "vital" to learn lessons from the "terrible tragedy" of the 2017 terror attack, in which 22 people were killed and hundreds more were injured by a suicide bomber at the end of an Ariana Grande concert.

The public inquiry's first report, published in June 2021, said the bomber should have been identified as a threat before he carried out the attack.

Inquiry Chairman Sir John Saunders said the government should make it a legal requirement for all public venues to have counter-terrorist plans and security measures in place.

The extent of those measures would depend on the size of the venue.

... 'Determined'

Mr Hinds insisted the Protect Duty would be strong and effective while not creating "excessive amounts of bureaucracy" for businesses.

"Having met some of the survivors and the families from this most awful of attacks… that only goes to reinforce and deepen the commitment that we all have to make this work," he said.

"I absolutely understand people's sense of urgency, that's a sense of urgency I share. We all want to get on and do this but we also have to make sure we get it right."

Ms Murray said some organisations in the security industry were already improving measures, anticipating any future law.

"A lot of people within the industry are not even waiting - they're buying equipment, putting more staff on, they're looking at their CCTV, they're doing loads of stuff and that in itself is really heart-warming," she said.

Mr Hinds insisted the government and the security sector were determined to learn lessons from the mistakes highlighted in the Arena Inquiry."

https://www.bbc.co.uk/news/uk-england-manchester-61809376

"The Impact of Martyn’s Law/Protect Duty on UK Businesses

... There is no set date for the passing of the bill, and there will likely be revisions. But businesses who are concerned about possible terrorist events (or falling foul of the new law) should start assessing their individual risks and identify practical protective measures to ensure counter-terrorism is taken.

After all, it is better to be safe than sorry. In a worst-case scenario, small security measures can have a big impact on the health and safety of staff and visitors. Some recommendations based on the information out there include:

• Reading information that has been published regarding Martyn’s Law

• Reviewing existing plans and risk assessments, and comparing them to the information that has been published

• Promoting awareness throughout your organisation

• Feeding back to the Home Affairs Select Committee with concerns and thoughts

• Be aware of updated guidance, training, and schemes available, and further information about the bill

Could your premise be more secure?

It’s always a good idea to evaluate the security of your building, whether legislation demands it or not. The sobering investigation into Manchester Arena proved that minor security upgrades could have saved the lives of many innocent concert-goers. Safetell is not only able to provide security measures like entrance control to a public building; we’ll gladly work with your venue to develop bespoke physical security solutions that meet your unique security needs.

Implementing Entrance Control

Entrance Control is one of the most effective (and fastest) ways of improving physical security in a building. It uses systems and security equipment to monitor, control, and restrict access to specific areas in a building. In an office environment, this usually includes requiring the use of a key card, pin code, biometric data or other authentication methods to gain entry through security doors, portals and revolving doors.

In a public building, this usually involves implementing physical barriers like turnstiles, speed gates, security portals and revolving doors, security doors, and interlocking doors. The system can be integrated with CCTV cameras, alarms, and intercom systems to provide a more layered approach to security. This restricts access to authorised individuals without obstructing an efficient and seamless flow of people, and the entire system can be configured to match the existing aesthetics of the building. ..."

https://www.safetell.co.uk/insights/the-impact-of-martyns-law-protect-duty-on-uk-businesses/

After a few old articles, here's one that's 'hot off the press' from Safetell's website ... and it's another particularly instructive one, highlighting what should be an immense opportunity for the company:-

"The Impact of Martyn’s Law/Protect Duty on UK Businesses

28 June, 2023

The 2017 Manchester Arena bombing sent shockwaves throughout the globe and set in motion some of the biggest legislative changes in the UK in decades. Figen Murray, the mother of one of the bombing victims, Martyn Hett, began a campaign demanding legislation that would compel publicly accessible locations to implement basic security measures.

An investigation into the Manchester attack later showed that there were several opportunities where more could have been done to prevent the attack, prompting an inquiry into public locations and their responsibility to ensure the safety and security of visitors and staff. The first volume of the enquiry highlighted key failings, including grey spaces (where there is a lack of clarity over ownership and protection), insecure security perimeters, complacency and inadequate risk assessments.

These shortcomings led to the development of plans put into law around the responsibilities that businesses and venues have when it comes to preventing terror attacks, known as “Protect Duty”.

The first draft bill for Martyn’s Law – Terrorism (Protection of Premises) was submitted to the Home Affairs Select Committee in May 2023. If implemented, it will require all public buildings to create preventative action plans against terror attacks and to assess the potential risks, dangers and scenarios related to terror attacks in order to improve public protection. Protect Duty laws will cover the entire UK and demand action for business owners.

What Might Martyn’s Law/Protect Duty Entail?

While Martyn’s Law remains a draft bill and is yet to be approved, it may have widespread implications for a number of businesses. The draft bill requires venues with a capacity of over 100 people (standard tier) to implement simple yet effective anti-terrorism measures, including training and standard terrorism evaluation.

However, if the bill is passed in its current format, venues that can accommodate 800 people or more (enhanced tier), or businesses with over 250 staff, will have increased responsibility, including risk assessments and more detailed security plans. The draft bill also proposes a strict inspection and enforcement regime, including sanctions for breaches.

If the bill passes, more than 650,000 UK businesses will be required to enhance security controls, including commercial businesses, nightclubs, and publicly accessible venues. This may include installing mandatory physical updates such as bollards, intruder detection technology, tactical CCTV, and extra secure entrances and entrance controls. ... "

https://www.safetell.co.uk/insights/the-impact-of-martyns-law-protect-duty-on-uk-businesses/

An interesting extension to the 'data is the new oil' insight: that biometric data must be the 'finest refined petroleum':-

"Data is the new oil, but drilling for it may have unintended consequences.

28 May 2019 2 min read

I read with interest Newmark Security’s CEO Marie-Claire Dwek’s post last week on data being the new oil and it led me to consider that if data is the new oil, biometric data must be the finest refined petrol [my American friends should read gas] money can buy.

So says Lauren Stewart in a recent issue of the Boston College Law Review. Stewart goes on to say that whilst there are obvious benefits of increased data security and ease of access to the business’s services for consumers, there is a concerning lack of consistency of approach at a business and at a U.S. State level. She calls for U.S. Congress to enact a comprehensive statute and for those working in biometric data protection. This would be a welcome approach.

As an example of the challenge biometric data practitioners face in the U.S., the State of Illinois has recently introduced a comprehensive statute, called the Illinois Biometric Information Privacy Act (BIPA). This has caused huge problems for Human Capital Management (HCM) providers and end-users alike, as it is entirely inconsistent with the biometric statutes introduced by two other states (Texas and Washington). A useful employer’s guide to BIPA can be found here.

Fashion retailer H&M is currently facing a class-action for misuse of data collected on a time clock, in Cook County. Their process is currently acceptable in 47 other US States, but not Illinois. Two weeks ago Fillmore Hospitality, which owns a hotel chain, became the latest target of a proposed class action for similar BIPA violations. They are certainly not going to be the last.

Similar challenges present themselves in the UK too. Only last week has the Information Commissioners Office (ICO) issued an enforcement notice to Her Majesty’s Revenue and Customs (HMRC) for failing to adhere to the biometric requirements of the European wide General Data Protection Regulation (GDPR).

The most frustrating part of all of this is that technology-led solutions exist now to properly protect and encrypt data at the edge device at the point of collection before it is moved to a cloud-computing environment and securely disseminated. This, coupled with proper consent-seeking and compliance with specific users’ preferences, would keep biometric data users on the right side of the most onerous local legislature and regulatory requirements."

https://gtclocks.com/insights/thought-leadership/data-is-the-new-oil-but-drilling-for-it-may-have-unintended-consequences/

Another old article from Grosvenor Technology's 'USA website', but the insight that data is 'the new oil' is well worth flagging up, as is GT's decades long expertise in managing this precious asset:-

"Data protection and edge computing is a brave, new, exciting world for some…

We’ve been doing it for 30 years.

Marie-Claire Dwek CEO for Newmark Security

9 May 2019 2 min read

In 1989 we introduced the world’s first access control system that operated in a Microsoft Window’s environment.

Our remote data-protection solutions have subsequently helped companies throughout the world and now 30 years later data has become the new oil.

At GT Clocks we’ve been closely monitoring this shift, witnessing the huge increase in customer demand for services supporting it, which is, I must say, even more prevalent now. And, as you can imagine, we’re not allowed ourselves to sit back and miss opportunities.

At the cutting edge

From our inception, we have designed and manufactured state-of-the-art edge devices that capture user data at various endpoints for clients from a broad spectrum of industries. It’s this vast domain experience that allows us to speak with authority on the management and distribution of data in a highly efficient and secure way.

Today, the proliferation of edge devices able to capture user data has raised many questions about the legality and regulations surrounding what’s known as personally identifiable information (PII). Although this information is shared, ownership of that data has, quite rightly, been redefined of late, both sides of the Atlantic. The reform we have seen with GDPR across Europe, and also at a State by State level in the U.S., has meant a sharp refocus for many companies on the management of that data.

What does the future hold?

In three words, Restrictions, Regulations, and Opportunity. Coming from an industry used to managing ‘people data’, the fatigue users now have with the misuse of this ‘new oil’ has become apparent. Trust is the essential ingredient, and our customers tell us we have earned it. Working with these partners throughout the world, we have been developing pioneering technology that ensures they can continue to use PII to enhance their own services, whilst protecting an individual’s information.

The importance of this was highlighted to me during a recent visit to the U.S., where I became aware of an emerging trend in Human Capital Management. This has involved several high-profile companies being investigated for misuse of personal data with one currently the subject of a class action.

I will be covering in further detail exactly how we have been helping our partners to overcome these threats in forthcoming pieces."

https://gtclocks.com/insights/thought-leadership/data-protection-and-edge-computing-is-a-brave-new-exciting-world-for-some-weve-been-doing-it-for-30-years/

An fairly old article from Grosvenor Technology's 'USA website', but one which complements Safetell's Achilles Carbon Certification Programme news earlier this year, and which highlights NWT's very long-standing and strong commitment to sustainability:-

"How we are challenging ourselves to be even more sustainable…

Marie-Claire Dwek

CEO for Newmark Security

20 February 2020 1 min read

Thought leadership

Sustainability has been front of mind at GT Clocks for decades. We build products that last and platforms that can reduce a building’s energy consumption. But clearly, we are not doing enough. Although the effects of human-made climate change have been felt throughout the world for many years, the horrifying devastation seen in Australia seems to have made the world sit up and take stock.

Davos 2020 has already been and gone this year. Listening to the various speakers, while there are many advocates for change, progress needs to be faster. As we await sweeping reform from our governments we, as both business leaders and citizens, must look internally and improve where we can. We are responsible for our behavior and what we represent as organizations.

This is what GT Clocks have been doing:

For all products we carefully consider how power consumption can be minimized during the design, influencing the choice of components and architecture. Fundamental to the system architecture design of any product is the ability to monitor, diagnose and remedy issues remotely. This reduces and offer negates the need for unnecessary engineer site attendance and related carbon emissions. At GT Clocks we have a strong track record of maintaining compatibility with our legacy products so as software moves on there is no necessity to replace existing hardware.

With both staff and customers throughout the world, travel is an inevitable part of doing business. As well as choosing rail travel where possible, we have recently invested in improved online business communication tools further reducing fossil fuel consumption.

This is what GT Clocks are doing next:

We have recently launched an internal project to investigate energy efficiency at every level within our business. We are reviewing all vendors and analyzing the footprint of our entire supply chain. Finally, for now, we are researching an offsetting program connected to our industry and would welcome engagement from local organizations looking for support in this endeavor."

https://gtclocks.com/insights/thought-leadership/how-we-are-challenging-ourselves-to-be-even-more-sustainable/

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