Parity Group PLC Trading Statement (1076P)
05 Febrero 2019 - 3:30AM
UK Regulatory
TIDMPTY
RNS Number : 1076P
Parity Group PLC
05 February 2019
Parity Group PLC
5 February 2019
Parity Group plc ("Parity" or the "Group")
Board Changes and Trading Update
Parity (AIM:PTY), the technology focussed consultancy and
staffing business, today announces changes to the Board and
provides a post-close update on trading in respect of the year
ended 31 December 2018.
Board changes
The Board is pleased to announce the appointment of Matthew
Bayfield as Chief Executive Officer. This appointment will ensure
Parity has the breadth of management to drive progress with our
strategic focus on the growth opportunities we see in data
consultancy services. Alan Rommel, currently Chief Executive
Officer, will move into the role of Chief Operating Officer, a
Board position.
Matthew Bayfield joined Parity's senior management team in May
2018 to drive the development and growth of the data proposition
within the Parity Consultancy Services business. His experience is
closely aligned to the new strategic focus of the Group as an
acknowledged expert in the data market, having operated on the
Group Board for Ogilvy & Mather as their Head of Data for EMEA,
as well as founding and leading a number of data strategy, research
and insight businesses, taking three to successful commercial
exit.
Alan Rommel, having returned the business to profitable growth,
restructured it to focus on its strong core capabilities, and
significantly reduced its debt, will now focus on digitising
aspects of the core business and ensuring the operational structure
effectively supports the strategy to create sustainable growth of
the Group.
Trading update
Having been greatly encouraged by the opportunities won and
identified in higher-margin data consultancy services, the Board
has restructured the Parity Consultancy Services division ("PCS")
to focus on this market. We see strong synergies with our Parity
Professionals division ("PP") which, whilst continuing to grow its
own revenues, is able to introduce PCS services to a broader client
base and offer a flexible portfolio of services, whether clients
want us to consult and deliver a solution, or want us to provide
the talent to support their programmes.
The Group expects to deliver growth in revenues and to meet the
recently revised market expectations for adjusted profit before
tax(1) in the financial year ended 31 December 2018. Net debt is
expected to be lower than the balance at 31 December 2017 of
GBP1.6m.
Given the scale of the opportunity we see in data consultancy,
we believe the time is right to accelerate our programme of
investment in management, marketing and brand development. The
Board expects to remain profitable during this period of increased
investment, though adjusted profit before tax(1) is now expected to
be lower in 2019 than expected for 2018. However, the subsequent
improved alignment of our operational structure with the market
opportunity, enhanced relationship management, and greater market
outreach with a refined proposition will provide a sound basis for
sustained profitable growth in future years.
Matthew Bayfield commented: "Parity has a strong reputation for
providing trusted advice having built and nurtured relationships
with both clients and contractors in the IT space for over 45
years. Building on our strengths, we can provide advice and
resources that reflect our heritage of IT and data experience. Data
is now of greater importance than ever and Parity can empower and
enable clients to take advantage of this. Now is the time to invest
in building the capability and capacity we need to take full
advantage of this opportunity."
John Conoley, Non-Executive Chairman of Parity Group,
commented:
"We are confident that the Group's focus and investment in data
consultancy services will provide a strong foundation for sustained
profitable growth in future years. We are delighted to appoint
Matthew to the position of CEO. Alan Rommel, supported by our CFO
Roger Antony, has worked tirelessly to drive Parity's turnaround
and Matthew is ideally placed to accelerate this strategy. 2019
looks like it will be an exciting year and I wish Matthew luck in
leading us onward."
Notes
(1) Adjusted profit before tax represents Profit before tax from Continuing Operations prior to non-recurring items
The following details in relation to the appointment of Mr
Matthew Bayfield, aged 44, are disclosed in accordance with
Schedule 2(g) of the AIM Rules:
Current directorships Past directorships held within
the last five years
---------------------- -------------------------------
Field London Limited nhouse Commercial Limited
nhouse Developments Limited
Turn SQ Limited
Mr Bayfield holds 500,000 share options in the Company which are
exerciseable from 3 May 2021 subject to performance conditions, at
a price of 13.25 pence per share.
There are no other disclosures required in accordance with
Schedule 2(g) of the AIM Rules.
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of MAR.
Contacts:
Parity Group PLC www.parity.net
John Conoley (Chairman) 0208 543 5353
Matthew Bayfield (CEO)
WH Ireland Limited www.whirelandcb.com
Mike Coe / Chris Savidge +44 (0) 117 945 3470
MHP Communications Parity@mhpc.com
Katie Hunt / Kelsey Traynor +44 (0)203 128 8100
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END
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