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Daisy Group plans to keep buying up biz, despite hole in purse
Made big losses for third consecutive year
Acquisition-hungry business comms provider Daisy Group plans to continue hoovering up firms despite posting significant operating losses for the third consecutive year.
Sales for the 12 months ended 31 March 2012 were up 31 per cent to £348.6m, including a chunk of revenues from the businesses it acquired over the past year: Outsourcery's Vodafone unit and Telinet and Iptomi.
The Yorkshire-based group – which was created in July 2009 after Freedom4 acquired Daisy Communications and web hosting biz Vialtus – saw operating losses narrow to £13.1m from £15.8m in fiscal 2011 and £17.5m in fiscal 2010.
Matthew Riley, CEO at Daisy, said it had been another year of "progress" despite the "ongoing macroeconomic headwinds" and that the group was "cautiously optimistic" about the year ahead.
Since it formed, Daisy has splashed roughly £168m in cash on acquisitions including AT Comms, Eurotel, Redstone's telecom unit, Managed Communications, BNS Telecom Group, Fone Logistics, MIS, Spiritel, NEG MBO and Worldwide Group Holdings.
Riley said it continues to "see a strong flow of acquisitions... [We] intend to further pursue our successful strategy of consolidating the fragmented reseller market, where we can see a clear enhancement to shareholder value". ®