Partly Cloudy

Partly Cloudy

max temp: 24°C

min temp: 16°C

ESTD 1874 Search

Ipswich: Daisy Group reports annual results in line with expectations

11:34 17 June 2014

Matthew Riley, Daisy Group chief executive

Matthew Riley, Daisy Group chief executive

Archant

Daisy Group, a major provider of IT and communication services to the business sector, today reported growth in annual revenue and earnings “in line with market expectations”.

Revenue in the year to March 31 edged higher, to £352.7million from £351.5m, and adjusted earnings before interest, tax, depreciation and amortisation rose to £57.9m from £56.3m.

The group’s operating loss increased, from £16.8m to £17.9m, although this largely reflected one-off costs relating to three acquisitions made during the year all of which Daisy said were performing ahead of expectations.

The bottom-line pre-tax loss also widened but by a smaller margin, from £23.535m to £24.375, helped by a reduction in net finance costs.

Daisy Retail, the group’s largest division, which provides network, data, systems and mobile products to SME and mid-market business customers, saw revenues fall from £244.5m to £229.6m, although gross profit remained flat at £100.3m.

The decline in revenue large reflect a fall in the networks stream, although network margins improved from 40.4% to 41.4%.

Daisy Wholesale, which provides a similar range of services to the reseller channel, saw revenue grow from £61.6m to £72.7m and gros profit from £17.5m to £25m.

And Daisy Distribution, which provides mobile handsets and airtime tariffs via a dealer network and includes an office in Ipswich, as a result of the group’s acquisition of Anglia Telecom in 2009, saw revenues grow from £45.4m to £50.4m, with gross profit rising from £11.9m to £14m.

Daisy Group chief executive Matthew Riley said: “We have made good progress during the year from both an organic and inorganic perspective.

“The acquisitions we have made are performing ahead of expectations and help to provide a better balanced product portfolio mix, which positions us well for the continued convergence of IT and communications.”

He added: “Looking forward, we expect to continue with our inorganic strategy alongside our key organic objective of cross-selling.

“Changes to our bank facilities have increased the headroom available for further accretive acquisitions and notwithstanding our desire to pursue these acquisitions, the board will consider the return of capital by way of share buybacks to maintain an efficient capital structure.

“We view the year ahead with optimism and, with confidence in the cash-generating capability of our business, we remain committed to growing the dividend by 15% in the current year.”

Search hundreds of local jobs at Jobs24

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Neil Farrow, organiser of the Ipswich Gin Festival

Ipswich is set to get its own gin festival next year, with dozens of food and drink companies set to get on board.

Ethan Miller is the winner of a furniture  design competition, where his design has been made into a prototype by West Suffolk College.
Ethan Miller reiving his prize from Paul Glasswell.

Students design wins Glasswells furniture design competition

The owner of Frankie & Benny's is to review its offer in a bid to win back trade lost following price rises.

The struggling owner of restaurant chains Frankie & Benny’s and Garfunkel’s is to close 33 under-performing sites after posting a loss for the first of the year.

And indicative perspective of what a new retirement homes on the 30 Lower Brook Street site, might look like.
Development plans are going out for consultation.
The site is currently Archant's newspaper offices.

A public exhibition will give local residents Ipswich residents the opportunity to view and comment on McCarthy and Stone’s preliminary proposals to redevelop land between Lower Brook Street and Turret Lane.

Part of the new facilities at Red Lodge Karting.

A west Suffolk outdoor karting company has created five new jobs with the opening of a new corporate hospitality venue.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24