Daisy hit by loss but remains hungry for acquisitions

Highly acquisitive Daisy Group has posted a loss in its nine-month interim results but indicated that it will continue to expand. Over the course of its current financial year, which ends 31 March, Daisy has carried out a reverse takeover of the Freedom4 Group in the summer. The communications com

Highly acquisitive Daisy Group has posted a loss in its nine-month interim results but indicated that it will continue to expand.

Over the course of its current financial year, which ends 31 March, Daisy has carried out a reverse takeover of the Freedom4 Group in the summer.

The communications company followed that up by buying Eurotel, ATCommunications and Redstone Telecom for a total of £36m.

Pre-tax losses stood at £2.09m, which was blamed partly on a hit from discontinued operations, and revenue reached £30.9m.

The company also used its interims to warn of job cuts as it merges the operations of the companies it has picked up this year.

Matthew Riley, CEO at Daisy, said the company wanted to grow its share of the SME sector through further acquisitions.

"The strategy of consolidating the currently fragmented UK SME and mid-market telecoms sector remains the right one for Daisy. Whilst the integration of the acquired businesses remains our immediate focus, we are continuing to assess further opportunities to grow market share through acquisition," he said.

"With the integrations going to plan, the systems and processes now in place provide a solid foundation for the future acquisitive growth."

Riley said Daisy Group was confident in the current market conditions and expected to be in line with expectations at the close of its fiscal year.

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