UK IT services group Parity Group says it remains confident in its strategy and that it is on target to meet its expectations this year.

According to the group’s interim management statement for the period from 1 July 2011 to date, the group is on course to exit from the its outsourced IT contract in December, resulting in a saving over £500k per annum in future years.

The group has launched 1-Parity, a new joint offering created with Parity Systems, offering global product vendors a virtual workforce to support their sales to SMEs in the UK.

“Overall, although the economic outlook is uncertain the board remains confident in its strategy to significantly improve shareholder value by targeting a focused number of niche growth markets for its new and improved services.”

Parity has also announced that Mike Phillips has joined the board as a non-executive director. Phillips is currently chief financial officer of Micro Focus, a FTSE 250 software company and was previously chief executive of Morse.