Posting of Annual Report and Notice of AGM

RNS Number : 5919F

Parity Group PLC

28 April 2011

 



28 April 2011

Parity Group plc ("Parity" or the "Company")

Posting of Annual Report and notice of Annual General Meeting

The Company is pleased to announce that the Annual Report 2010, Notice of Annual General Meeting 2011 and Form of Proxy have been posted to shareholders today. These documents are now available on the Company's website at www.parity.net.

Parity's Annual General Meeting will be held at 11.00 a.m on 7 June 2011 at Wimbledon Bridge House, 1 Hartfield Road, Wimbledon, London SW19 3RU.

Copies of the Annual Report 2010, Notice of Annual General Meeting 2011 and Form of Proxy will shortly be available for inspection at the UK Listing Authority's National Storage Mechanism website: http://www.hemscott.com/nsm.do.

The appendices to this announcement contain additional information which has been extracted from the Annual Report 2010 for the purposes of compliance with the Disclosure and Transparency Rule 6.3.5 and should be read together with the Preliminary Announcement of its final results for the year ended 31 December 2010 made by the Company on 3 March 2011. This announcement should be read in conjunction with, and not as a substitute for, reading the full Annual Report 2010. 

The Company's auditor has reported on the accounts and its reports are unqualified. The auditor also reports an Emphasis of Matter. The Independent Auditors' Report on the Group financial statements is set out in full on page 21 of the Annual Report 2010.

Appendix A

Statement of Directors' responsibility

The statement of Directors' responsibilities is set out on pages 14 and 15 of the Annual Report 2010.  Responsibility is for the full Annual Report and not the extracted information presented in this announcement or the Preliminary Announcement. The full and unedited text relating to this statement is set out below:

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors are required to prepare the Group financial statements and have elected to prepare the Company financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss for the Group and Company for that period.

In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether they have been prepared in accordance with IFRS as adopted by the European Union, subject to any material departures disclosed and explained in the financial

statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;

• prepare a Directors' Report and Directors' Remuneration Report which comply with the requirements of the Companies Act 2006.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and

detection of fraud and other irregularities.

Appendix B

Principal risks and uncertainties

The principal risks and uncertainties are set out on pages 6 and 7 of the Annual Report 2010.

The full and unedited text relating to these disclosures is set out below:

Market

The Group remains exposed to the public sector, with over 70% of 2010 revenues derived from this area. The reduction in Government spending in 2010 caused a reduction in the

Group's revenues. Spending levels have stabilised but there remains uncertainty over public sector budgets in the new financial year starting in April 2011. In order to mitigate the risk,

during 2010 the Group took action to reduce costs and align the cost base with expected revenues.

Following the reorganisation of the Group there is a major emphasis on addressing growth technologies and private sector clients.

Adequacy of capital

The losses of 2010 have depleted the capital of the Group. Should revenues fall further there is a risk that insufficient capital will be available to the Group. The Board regularly reviews the

adequacy of resources available and considers the options available to increase them. The Board are actively pursuing other fund raising activities at present which are discussed in

the Directors' Report.

People

Our people are the most important part of our service and having appropriately trained and motivated staff helps us reduce the risk of poor service delivery. Share plans are used to

incentivise and retain senior staff in the medium term. HR policies and procedures are reviewed regularly to ensure the business recruits and retains appropriately trained and

experienced staff.

Technology

As an IT services provider the Group relies on its IT, telecommunications and infrastructure systems to perform and manage the services we provide to clients. The Group engages

with its service providers and reviews its own disaster recovery systems regularly in order to minimise the risk of prolonged disruption to systems.

Legal

The Board recognises that non-compliance with relevant laws and regulations can result in substantial fines or penalties. Suitable controls are built into our service delivery processes to

reduce the risk of non-compliance.

Requirement to prepare a Business Review

The Directors, in preparing this Business Review, have complied with s417 of the Companies Act 2006. This Business Review has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to Parity Group plc and its subsidiary undertakings when viewed as a whole.

Enquiries:

Parity Group plc                         [phone]

Paul Davies, Chief Executive

Singer Capital Markets               [phone]

Jeff Keating

MHP Communications                [phone]

John Olsen / Ian Payne

 

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