Parity Group PLC Trading Update (3936U)
29 Marzo 2019 - 1:00AM
UK Regulatory
TIDMPTY
RNS Number : 3936U
Parity Group PLC
29 March 2019
29 March 2019
Parity Group plc
('Parity' or 'the Company' or the "Group")
Trading Update
Parity (AIM:PTY), the data and technology focussed professional
services business, announces that it has been advised that a
framework contract for the placement of staff it has with the
Scottish government is not being renewed. The Company will continue
to generate revenue from the existing placements it has made under
the framework contract for the next two financial years but will
not make any new placements.
The impact on Parity's financial performance will be principally
at the revenue level; while this legacy type of contract has been
significant in revenue terms it has provided relatively low levels
of margin, the loss of which will be offset by costs savings mainly
related to serving this specific contract during the period of
contract run off.
Therefore the Company does not expect a material impact on
profits and continues to expect to meet current market expectations
for profit performance in the current financial year. The exact
impact on revenues from the loss of this contract is hard to
quantify but with revenues in the wider Group running slightly
ahead of management expectations, the Company estimates that its
revenues for the year as a whole are likely to be around 10 per
cent lower than current market expectations. In the longer term the
end of this contract will improve the Group's net margin
performance albeit from a lower level of revenue, consistent with
the longer term direction of travel for Parity PLC.
Parity will provide further detail of its future strategic
direction under its recently appointed CEO, Matthew Bayfield, when
it announces its preliminary results on 16(th) April 2019.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Contacts
Parity Group PLC www.parity.net
Matthew Bayfield, CEO + 44 (0) 208 543 5353
Roger Antony, GFD
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 8193
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END
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