UK Parity Group revenue rises in 2018, but loss of contract hits profits – Staffing Industry Analysts

16 April 2019

Specialist technology staffing company Parity Group (PTY: LSE) reported revenue for the year ended 31 December 2018 of 86.1 million, an increase of 2.7% compared with the same period last year.

Adjusted pre-tax profit decreased by 48.7% to 850,000 last year due to costs related to the delay and subsequent loss of a Ministry of Defence contract for Parity Consultancy Services. The delay and subsequent loss of the contract also impacted operating profit which decreased by 64.8% in 2018.

The group had earlier issued a profit warning in November 2018 over the delay of the contract.