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Parity profit slumps after loss of key contract

Tuesday, 16th April 2019
Professional services company Parity Group reported a fall in annual profit after it didn't renew a large contract.

Pre-tax profit for the year through December fell to £358k, down from £1.66m on-year.

Revenue rose 2.7% to £86.1m, though the growth was strongest in lower-margin businesses and more than offset by expenses.

'2018 was the year when Parity revisited its long-term strategy,' chief executive John Conoley said.

'We set in place the foundations for growth in a market that has continued to evolve.'

'We invested in senior talent and marketing.'

'Reorganising and reshaping of our proposition will build on our strengths as trusted partners with deep and lasting relationships that empower clients to make bold data-led business decisions.'

'Trading remains in line with expectations and the board's confidence in the refreshed strategy is reflected in its continuing investment.'

'Alongside a strengthening of senior talent, we have the foundations for growth in the coming years.'

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