Parity lifts full-year guidance

5th Dec 2013 07:37

- Improved profitability- Full year EBITDA expected to be 80 per cent higher on last year- Group divided into Parity Professionals and Parity DigitalIT group Parity said profitability continues to improve and expects adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the year ending December 31st 2013 to now exceed 2.5m pounds, up over 80 per cent on the previous year."Trading in the Parity Digital division has been very positive this year with Inition making significant progress in its financial performance."Looking to 2014, the group expects Parity Professionals to continue good growth as the economic recovery progresses, and Inition to make further progress within its own high-growth market," the group said in an update ahead of its financial year-end.It added that notwithstanding delays currently being experienced in the Talent Management business, its profitability has continued to improve on the already strong results announced for the first half of the financial year. It also confirmed that it has completed the division of the group into two distinct business divisions: Parity Professionals and Parity Digital."This reorganisation is now complete and the two businesses, each with a Chief Operating Officer, will be reported as separate divisions in 2013 results for the year ending December 31st 2013," Parity explained. "We look forward to reporting on our updated strategic plans and their implementation over the next two years," it said.CJ