parity

Technology-focused consultancy Parity Group (LON:PTY) saw shares bounce 15 percent on Monday, after profit for the first six months of the year moved into double figures.

Without giving specific figures, the group said it expects an increase on H1 2016 and for profit to be consistent with the market’s full year expectations.

Parity also confirmed that it had seen a further reduction in net debt, reflecting a positive swing in the Group’s working capital. Net debt as at 30 June 2017 stood at £2.3 million, a decrease from December’s figure of £4.4 million.

Alan Rommel, CEO, commented:

“We are pleased to see the continued momentum in the Group’s performance as we deliver on our strategy of growing our higher margin Consultancy Services division, which enjoys longer term visibility and high levels of client engagement.

“Our strong cash and working capital management has further reduced net borrowing and leaves us well placed to continue to self-fund investment to grow our sales capacity.”

Shares in Parity Group are currently trading up 14.25 percent at 1043 (1039GMT).

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