Daisy cuts £17m as acquisitions bloom
Expansive voice and data services provider Daisy Group has slashed costs of £17m out of the business over the last 15 months, according to a trading update released today.
The acquisitions it made in July have now been fully integrated ahead of schedule, Daisy said earlier, and have delivered 'aggregate annualised synergies' of £17m, a figure in line with management expectations.
Hailing a transformational period for Daisy, CEO Matthew Riley said: "The completed acquisitions increase the strength and improve the future prospects of Daisy, providing a comprehensive product portfolio and considerable cross-selling opportunities to our enlarged customer base.
"Despite the significant M&A activity the management team has remained focused on hitting its performance targets, as will be reflected in our results," he added.
In a statement released today, Daisy added that it was "investing the appropriate amount of resource to capitalise on these opportunities, while continuing to identify further synergistic opportunities to continue growing the business".
Daisy will report its preliminary results in late-June.