'Market conditions' cause slowdown for Parity


'Market conditions' cause slowdown for Parity

The e-business and software services company, Parity Group, cited difficult market conditions following the Y2K slowdown as the reason for its reduced revenues during the first six months to June 30 2000.

According to the company's interim results, group turnover fell by £14m to £153.6m in 2000, while pre-tax profit decreased from £10.3m in the first half of 1999 to £7.1m.

Parity's Software Services division, which includes IT resourcing and recruitment companies Parity Resources (UK), Parity Selection (UK), Parity EuroSoft (mainland Europe) and Parity Teltech (USA), recorded a turnover of £103.7m in the six months to 30 June, compared to £126.5m in 1999. Pre-tax profit was also down from £8.4m last year to £5.74m.

The division said it had seen a recent upturn in Europe after a quiet first half, as customers focused again on "quality and service". It also noted a strong growth in demand for permanent IT staff in all markets.

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