London, UK-based Parity reported a net loss of 15.7m pounds ($28.3m) for the 12 months ended December 31, 2003, compared to a loss of 24.6m pounds ($44.3m) in 2002, on revenue that fell 4% to 175.9m pounds ($316.6m). At the end of the period, cash and cash equivalents had fallen 10% to 3.24m pounds ($5.83m).
The IT services operation, business solutions, declined 11% to 23.5m pounds ($42.3m), training declined 6.6% to 25.3m pounds ($45.5m), Americas declined 23% to 17.6m pounds ($31.7m).
Resourcing, its largest division, which provides permanent and temporary staff in the UK and Europe, was the only growth area, with revenue up 6.6% at 107.5m pounds ($193.5m). Revenue at the division was boosted by the March 2003 acquisition of the European customer base of human capital management software provider Chimes Inc from US-based Computer Horizons Corp.
Ian Miller, Parity’s CEO, told ComputerWire that vendor management services, which involve Parity installing Chimes to manage the staffing process as an outsourced service, are the target for Parity as it aims to provide value-added and higher margin staffing services. Chimes gave Parity two new European clients, and boosted revenue by 15.1m pounds ($27.2m) in 2003.
Non-executive chairman Bill Cockburn said in a statement that Parity is beginning to experience signs of an upturn in demand. It appears that markets in the UK, mainland Europe and the US are stabilizing. Our sales pipeline is stronger than it has been at any time over the past three years, he said.
At the same time, Parity announced seven new contracts primarily in resourcing with BT Syntegra, T-Systems, BT Group, Marks & Spencer, and DWP.
This article is based on material originally published by ComputerWire
