Parity shows 52% rise

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The Independent Online

Parity, the information technology service group formerly known as Compac, served up a 52 per cent rise in profits to pounds 3.07m for the first six months on the back of strong demand for IT consultancy in the UK.

Revenues moved up 62 per cent to pounds 61.5m, compared with pounds 38m in 1994. The dividend rose 33 per cent to 1p versus 0.75p in 1994 and earnings per share grew 37 per cent to 4.8p.

The increase was in line with analysts' expectations following the group's acquisition activity in 1994, and the share price was marked down 1p to 160p.

After a year of acquisitions in 1994, the chairman, Billy Carbutt, said the predominantly UK-based company would continue to expand its UK business and did not rule out expansion in other European countries.

Parity restructured its operations in December last year, merging its pounds 2.3m acquisition of LBMS and pounds 8.3m purchase of ACT Business Systems and BIS Training into Parity Solutions, a provider of consultancy, training and systems development.