Ipswich: Communications and IT services group Daisy on course to meet full-year expectations
09:53 08 April 2014
Business communication and IT services company Daisy Group said today that its full-year revenues and earnings were expected to be line with market expectations.
In a pre-close statement ahead of its results for the year to March 31, Daisy added that, as already guided, there had been “a material improvement” in cash generation during the second half of the year, aided by a significant improvement in working capital compared with the first half.
Matthew Riley, chief executive of Daisy Group, said: “I am pleased to report that our revenue mix continues to improve, further boosted by the acquisitions made during the year. It is also pleasing to report a marked improvement in free cash flow generation during the second half.
“Our recent acquisitions are performing well and we will continue to monitor acquisition opportunities where we believe we can derive clear value for our shareholders.”
Daisy, which has an office in Ipswich follwing its acquisition of Anglia Telecom in 2009, reported a dip in revenues to £173.9m for the six months to September 30, against £178.1m for the same period a year earlier.
But earnings before interest, tax and depreciation edged higher to £27.8m, from £27.3m, with an improved product mix seeing gross profit margin improve from 36% to 39%.
The group’s bottom line pre-tax loss widened to £14.995m, from £13.811m at the previous year’s half-way stage, although this was due to one-off acquisition costs.