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24 May 2018 10:00
24 May 2018
Parity Group plc ("Parity" or the "Group")
AGM Statement
At today's Annual General Meeting of Parity Group plc, the technology focussed consultancy and staffing business, John Conoley, Non-Executive Chairman, will make the following statement:
"Trading in the first four months of the financial year is in line with management's expectations and we continue to make good progress in building our Consultancy Services division and the organic development of Parity Professionals.
"Our investment in sales across the business has expanded our client base and supports a strong pipeline. For example, in Consultancy, our developing data proposition has driven successful sales of data consultancy into the health sector and some smaller GDPR related opportunities and in Professionals we have added to the recently announced managed service contract win for IT contract staffing provision to Primark, with a further award for infrastructure and cloud architecture staffing, to be provided as a managed service to the Social Security Directorate in Scotland.
"We have also recently secured places on additional new frameworks to deliver professional services to Ordnance Survey and Northern Ireland Water, which will enable measured investment in support of our seasonally stronger second half.
"As stated in the Group's preliminary results, released on 10 April 2018, we intend to take advantage of the opportunity afforded by the growing data market with senior appointments which will strengthen our Consultancy services. We have recently appointed Matthew Bayfield as Managing Director of Consulting. Matthew was a former Group Board member, and Head of Data (EMEA), for Ogilvy and Mather where he had responsibility for developing market leading data products and professional services and he has previously founded and led a number of data strategy, research and insight businesses. His appointment brings additional valued experience to accelerate the development of our services and sales in the high growth data market.
"Looking ahead, with improving profitability and strong cost control, we anticipate that further progress in higher margin sales and cash generation will support targeted investment to accelerate growth and enable the Board to review the opportunity to pay dividends to shareholders in the medium-term."
Contacts:
Parity Group PLC www.parity.net
Alan Rommel, CEO + 44 (0) 208 543 5353
Roger Antony, GFD
WH Ireland Limited www.whirelandcb.comMike Coe / Ed Allsopp +44 (0) 117 945 3470
MHP Communications parity@mhpc.comKatie Hunt / Kelsey Traynor +44 (0)203 128 8100
END
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