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29 May 2014 11:44
29 May 2014
Parity Group plc
("Parity" or the "Group")
AGM Statement
At the AGM, Philip Swinstead, Executive Chairman of Parity, will make the following comments:
"Trading since January is encouraging and is in line with market expectations. This has been a busy and exciting few months for our Group. Following completion of the re-structuring of the Group into two independent divisions last year - Parity Professionals and Parity Digital Solutions - we have now finalized our senior management appointments in both divisions, relocated divisional staff to work more closely together, and made a small acquisition, Golden Square, in the digital marketing area. We have closed the separate Group office and are now vacating the legacy office in Wimbledon where our lease expires this September.
Having completed the turn around of the Group we can now concentrate on the evolution of its two divisions: Parity Professionals, into a new style of IT staff selection, development and placement business; and Parity Digital Solutions, from its IT systems heritage into a provider of digital marketing services with a technology core..
Moving forward, Paul Davies will start to concentrate on the Professionals division as its Executive Chairman, which remains the major part of our Group. In parallel, Andy Law has recently joined the Group as Executive Chairman of the Digital division, to lead our strategic initiative in this market.
Recently we announced that Parity Digital Solutions division had acquired the business of Golden Square, which is a well-known post-production and international content distribution company in London. This provides another key capability for our planned expansion in this market.
My value-enhancement strategy has always been to predict areas of growth in the people-based technology services market, and what style of services will be required. I believe that we now have the management and capabilities to move both divisions down this road.
The Board looks forward to increasing shareholder value from a strong base in future years."
Enquiries:
Parity Group PLC 0845 873 0790
Philip Swinstead, Chairman, Parity Group
MHP Communications 020 3128 8100
John Olsen
Ben Griffiths
Investec Bank PLC 020 7597 5970
Andrew Pinder
Patrick Robb
Dominic Emery
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