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Parity picks up new contracts as business recovers after coronavirus disruption

"With more remote working, cybersecurity has become an even more critical business function"

Parity Group PLC -

Parity Group PLC (LON:PTY) has said activity is picking up again after coronavirus (COVID-19) pandemic disruption affected the first half of the year.

Revenue in the six months to end June 2020, fell by a third to £29.9mln while underlying profits were £61,000 against £203,000. 

Since June, things have improved, Parity said, helped by new contracts including two slots in the Scottish government’s online purchasing system and a consultancy slot on a cyber services training contract in Northern Ireland in partnership with CyberGym.

Parity said it has also completed a wide-ranging restructuring programme that will shave £2.4mln a year from overheads going forward.

The full impact of these savings will be felt in 2021 though Parity expects full-year adjusted profit before tax in 2020 will be similar to 2019’s £115,000.

Pre-tax losses for the past half-year were £383,000 (2019: £541,000).

In the results statement, Matthew Bayfield, Parity’s chief executive commented: “The changes brought on by Covid have brought us opportunities as well as challenges, we have remained close to our clients and are benefitting from not having furloughed any of our staff.

"With more remote working, cybersecurity has become an even more critical business function and we are well placed to help our clients manage their needs in this area. Working with CyberGym we see particularly strong growth opportunities in this market segment.”

Parity's net cash before lease liabilities was £0.65mln compared to net debt before leases of £1.17mln a year ago.

Quick facts: Parity Group PLC

Price: 8.75 GBX

LSE:PTY
Market: LSE
Market Cap: £8.98 m
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