Parity Plc saw the full effect of last year’s buying spree in the first six months of this year. The London-based computer services and training group bought three businesses from the now-subsumed ACT Group Plc last October (CI No 2,523), as well as the consulting arm of Learmonth & Burchett Management Systems Plc earlier in the year. These, together with strong organic growth, have boosted interim turnover by 62% to ú61.5m and pre-tax profits by 52% to ú3.1m. They have all been fully integrated into the group, chairman Billy Carbutt said in his statement. CSS Trident, the larger of the two divisions, which supplies temporary computing staff, increased its profits and turnover and the two small businesses in the Netherlands and Switzerland were said to have performed well. Parity Solutions, comprising consultancy, training and software development businesses was created at the end of last year and produced good profits in the half while maintaining turnover. Net assets at Parity actually fell by 9%, but managing director Paul Davies attributed this to goodwill and asset write-offs from the acquisitions last year. Further acquisitions are being actively sought by the management both at home and elsewhere in Europe. Cash balances were ú2.9m at the six month stage, after vendor loan repayments, reorganisation costs and fixed asset investment. Parity shed 75 jobs last year and the redundancy programme continued into the first quarter of this year, but Davies said that the company is now taking on people with different skills. Finance director Richard Farr has left to form his own financial consultancy, and company secretary David Firth has taken his place. The market liked what it saw and Parity shares put on 11 pence to hit 160 pence by late afternoon. Davies said the company remains on course for ú125m to ú130m turnover for the year. Interim dividend is up 33% at a penny.
