StockMarketWire.com - Professional services group Parity posted a first-half loss, pinned on lower sales and restructuring costs.

Pre-tax losses for the six months through June amounted to £0.49 million, compared to year-on-year losses of £0.38 million.

Revenue fell to £26.0 million, down from £29.2 million.

Parity said it expected to return to growth and profitability in the 2022 financial year.

'It has been a tough start to the year for Parity,' executive chairman Mark Braund said.

'Whilst the increase in economic activity has helped to re-energise the recruitment industry, it has exposed the underinvestment in the group's core recruitment business, which has inevitably impacted our financial results.'

'We have taken action to address the challenges within the business by refreshing our strategy and are investing in frontline resources to capitalise on our reputable brand name during a time of heightened market opportunity.'

'The response from colleagues has been tremendous; their enthusiasm and hard work has already helped us to focus the business and combined with strong demand in Parity's core markets, I believe we can re-establish growth and profitability in the medium term.'


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