IT resources and solutions company Parity Group has reported 2009 pre-tax profit of £250,000, down from £1.7 million the previous year. Revenue in the year fell 10% to £119 million. Parity’s profit was decimated by exceptional charges of £271,000 related to the closure of its Hemel Hempstead office, cancelled transaction costs of £63,000 and a restructuring charge of £200,000. Parity shed its training business in February 2009, but not before making a two-month loss on the business of £245,000. Despite the downturn, Parity’s resources business held up well, reporting revenue of £100.5 million, compared to £110.2 million in 2008. But solutions did not fare so well, with 2009 revenue of £18.5 million, down from £22.1 million in 2008.

Parity chief executive Alwyn Welch said: “As the recession deepened during 2009, Parity continued to experience difficult trading conditions. By acting quickly on both costs and operating systems, we have weathered the economic storm far better than the group has done in the past.”

Looking forward, Welch said revenue visibility remained low and volatility high, and that ‘prudence’ and ‘caution’ would remain the company’s watchwords for the year ahead.

An early highlight of this year has been a £1.4 million contract won by Parity’s solutions business with NHS Direct. The contract covers the development and support of a health information search portal that is due for completion in March 2011 and will give NHS Direct call centre staff better access to information when dealing with public enquiries.

Management Consultants’ News Direct