Parity Regulatory News (PTY)

13 Jun 2007 11:00

Parity Group PLC13 June 2007 13 June 2007 Parity Group PLC AGM Statement Parity Group PLC ("Parity" or "the Group"), the UK IT services group, holds itsAnnual General Meeting at 11.00am today. The following statement will be made byJohn Hughes, Executive Chairman: "Overall trading in the first months of 2007 has been in line with ourexpectations. We continue to see good growth in revenue in a generally positivemarket. This growth, combined with effective cost management, is expected togenerate first half results in line with market expectations. Resourcing has continued to grow revenue, although at a slower rate in thesecond quarter. As a result of differing margin mix and investment in new higherprofitability business streams first half profitability will be slightly belowlast year's, although we expect performance to improve in the second half withrevenues remaining steady. Our focus on the project and service management market in Training is deliveringgrowth in revenues and a good performance improvement over 2006. Solutions has continued to experience the growth seen in the second half of 2006as a result of strong sales over the last twelve months. Profitability isexpected to have improved further and to be ahead of the same period in 2006. Wecontinue to make sales and delivery progress in key programmes as well as in theMicrosoft (MOSS) technology area. Continued strong delivery from each business unit married to cost managementwill help sustain continued improvement in the second half. For the first timein several years we have grown our net headcount in 2007 to deliver the newbusiness we have been winning. Overall this means that the business continues in the direction set out in 2006,and our plan for performance improvement is well on track, albeit with aslightly different contribution from each business unit than was expected atthat time. Strong operational improvement remains the first priority for Parity. We have also announced today that Lord Roger Freeman will join the Board asNon-Executive Chairman on 1st July. He brings extensive business experience bothas an executive and as Chairman of a number of private and public companies,together with a period in parliament and in the Government. In May we alsowelcomed Ian Ketchin as Finance Director. The Board believes that these changeswill continue to strengthen our Group. Parity intends to announce its interim results for the six months ending 30 June2007 in September 2007." ENDS Enquiries:Parity Group PLC 0845 873 6942John Hughes, ChairmanAlwyn Welch, Chief Executive Officer The Hogarth Partnership 020 7357 9477John Olsen/Sarah Richardson Notes to editors: About Parity Group PLC Parity Group PLC is a UK-focused IT and Business services company, operating viathree core business units - Parity Resources, Parity Solutions and ParityTraining. Parity Resources is a leading IT recruitment specialist, with over 30 yearsexperience in providing permanent and contract technology staff, temporary staffand managed recruitment services across all markets. Parity Solutions specialises in providing IT, Projects and Consulting, usingleading edge technologies and drawing upon the depth of experience of itsconsultants in Programme and Project Management. Parity Training is one of the UK's leading Management and IT training providers.In addition to a comprehensive schedule of public courses, Parity deliverstailored learning solutions and customised programmes for major clients. Parity is listed on the London Stock Exchange, with a ticker of PTY.LN. This information is provided by RNS The company news service from the London Stock Exchange