Parity Group PLC - Trading Statement
The information in relation to the Company's performance in 2019 remains as reported on
"Trading during the second half of 2019 has been as anticipated and expectations for full year adjusted profit before tax remain unchanged.
Cash collections were exceptionally strong during
Trading in 2020 and outlook
With COVID-19 becoming a global pandemic in
In addition, and in direct response to the COVID-19 pandemic:
· Management have agreed an across the board 20% reduction in salaries with all Directors and staff for the three months starting
· We are conducting a daily review of COVID-19 impacts with clients and contractors to assess supply and demand in as close to real time as possible. This review process is designed to give us the advanced warning required to be able to manage impacts on our business and to help clients fill potential gaps in their workforces.
Parity's business is heavily weighted towards the public sector, which accounted for approximately 70% of revenues in 2019. We are already seeing signs that Government expenditure will be more resilient as much of it is aligned to the provision of key public services. However due to the ongoing uncertainty caused by COVID-19, Parity expects there will be an impact on revenues for the current year, the exact extent of this impact remains impossible to quantify at this stage.
Parity remains well capitalised, with net cash at
The Board will continue to closely monitor all expenditure over the near term, to ensure the Company effectively manages its cost base and cash reserves in line with a quickly evolving situation.
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For further information, contact:
Roger Antony GFD
020 8543 5353
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0207 220 1666
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
Quick facts: Parity Group PLC
Market Cap: £8.47 m
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