Parity Group trading update "meets expectations"

10th Dec 2014 12:22

Parity Group expects its full-year earnings before interest, tax, depreciation, amortisation, share-based payments and exceptional costs to meet market expectations.The UK information and marketing communications technology group reported that its Parity Professional division continued to see growth in both revenue and profits in the year ending 31 December.The encouraging results were driven by the group's decision to renew two of its major graduate selection and development contracts and growing customer base, particularly in the Food and Education sectors.In its SuperCommunications division, the company incurred non-recurring restructuring costs expected to be around £600,000 following the restructuring of its Golden Square business.Meanwhile, Parity Group invested £400,000 in research and development in the division during the year as it moved its Inition business to a "scalable product strategy".Parity Groups said that it "looks forward to 2015 with confidence and is focused on delivering significant profitable growth in both divisions, and cash generation, to justify the investments made by loyal shareholders, staff and directors in recent years". As of 11:05 on Wednesday, the group's share price dropped 13.43% to 14.50p per share.