IT services organisation Parity Group has announced a business restructuring in an interim management statement for the period to 17 November 2010.

The group anticipates an operating loss, with exceptional costs relating to the group’s restructuring and new property provisions. Consequently it has implemented a two-phase restructuring programme to reduce annual costs by over £3m, and better balance costs with current revenues.

The group is now being reorganised into the following three business units: Resources, Talent management and Systems.

Parity adds that it is in the final phase of negotiations with a view to agreeing extended funding facilities with a new banking partner.

Preliminary results for the year to 31 December 2010 are expected to be announced in March 2011.