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Parity invests for recovery

IT recruitment and services provider Parity Group (LON: PTY) has been disappointing investors for the past few years. Just as the company’s performance appears to be improving there is a step back. Mark Braund became interim executive chairman in June, and he is trying to update the strategy and return the business to growth, although revenues continue to decline.

There has been a post-pandemic bounce in demand for staff, but Parity requires additional investment in order to take full advantage of the opportunities. Management decided to preserve cash during the pandemic and has lost staff, which left it ill equipped for the upturn.

The recruitment division has concentrated its efforts on the major customers and lost some of the smaller clients. Contracts were also ending early. Man...

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