Diversifying ITSA and project services firm Parity has released a trading update to cover the last four months. It’s very much all as expected and in line with what we saw in the first half performance (see Parity losses narrow as business stabilises). Indeed Parity shares are unchanged in trading this morning.
So no real evidence in here yet of whether Parity’s cost-reduction-meets-business-diversification strategy is paying off. But the major planks of that strategy are proceeding as planned, including the rebalancing away from the tough conditions in the government market towards greater exposure to the private sector. Naturally, the words frying-pan and fire immediately come to mind. But as we’ve said before, the company has some formidable experience among its upper echelons, and today it has announced another addition to its board. The new non-exec director is Mike Philips, the current CFO of Micro Focus and former CEO of Morse. Philips of course will be no stranger to Parity CEO Paul Davies as both have also served time at Microgen – Philips as FD and Davies as an NED.