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Monday 17 July 2017

Parity progresses rebalancing of business

Parity logoConsultancy and staffing business, Parity, has much good to say about its Consultancy Services business in its latest trading update. And that means things are moving in the right direction as the Group continues to try and rebalance the business towards that more profitable side of the business. The division performed ahead of expectations, generating “significant growth in revenues” in the six months to end June. This follows an equally positive AGM statement in May (see Steady start for Parity under new Chairman).

Meanwhile, revenues dropped slightly for the Professionals division. Parity points to “lower public-sector contractor volumes resulting from supply-side uncertainty and then the transition required to deal with the IR35 taxation reforms”. It is a familiar story but one that doesn’t seem to have hit Parity quite as hard as other staffing businesses (and, indeed, Parity points to an improvement post IR35 implementation). Hays, this month (see UK public sector still tough for recruiter Hays), cited a tough public sector market and also pointed to IR35 issues. And PageGroup pointed to Brexit, political uncertainty and a late Easter for its poor UK performance (see UK tech recruitment soars at Page Group).

The overall result for Parity in the first six months of the year is the expectation of double digit growth in Group operating profit. The other good news is that net debt has been reduced so that the company is well-positioned to fund future investment in its sales capacity. That should further advance progress in rebalancing the business.

Posted by Georgina O'Toole at '09:46' - Tagged: recruitment   tradingupdate   consultancy  

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