Parity Group PLC - Trading Update
('Parity' or 'the Company')
Parity expects to announce its interims results for the six months ended
The Company remained cash positive at period end, with a net cash balance of
As stated in the final results for 2019 announced in April, the Board anticipates that Covid-19 impacts will, in part, be mitigated by cost savings achieved in 2019 and by the implementation of a new operating model which will deliver additional savings in 2020.
Encouragingly, the Company is now seeing a return of new sales opportunities, following the severe reduction in early stage opportunities and projects at the height of the pandemic. Parity made the decision not to furlough any staff in order to remain as close as possible to its markets and is encouraged by the recent return of activity and prospects. It is too soon however, given general uncertainty, to come to any conclusion on future trading prospects. The Board will comment further on full year outcome in September.
Commenting on the first half of the year Chief Executive,
"The Covid 19 pandemic has had a profound impact on our sector. However the decisions we made in 2019 around restructuring the business, have meant that not only were we able to avoid furloughing any members of staff but we have been in a position to recruit seven new people to join the business during the last three months to support our growth ambitions.
"Parity is a digitally enabled business and the move to working from home has been achieved without disruption to our productivity. I am very grateful to all of our staff for the way they have responded to the challenges presented by the pandemic. The management team are to be commended on the way the business has performed in extraordinary circumstances."
For further information, contact:
+ 44 (0) 208 543 5353
+44 7836 293383
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+44 (0) 117 945 3470
This announcement contains certain statements that are or may be forward-looking with respect to the financial condition, results or operations and business of
This information is provided by RNS, the news service of the
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