Daisy Group release financial results

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Daisy Group plc has continued to develop over this 12-month period to be an industry-leading provider of unified communications to the SME and mid-market business sector in the UK.

“We have made good progress this year and I thank our employees for their contribution and continued hard work and commitment. This has been a year of consolidation in which the Group has focused on the integration of previously acquired businesses. Revenue has grown by 31%, from £266.3 million to £348.6 million and adjusted EBITDA has increased from £40.7 million to £56.3 million, an uplift of 38%. These performance improvements have been delivered thanks to the effective execution of the Group’s strategy of consolidating the fragmented SME and mid-market communications sector. Operating losses calculated after charging amortisation of intangible assets, depreciation, exceptional items and share-based payment costs have reduced to £13.1 million from £15.8 million. Basic loss per share has improved by 26% from 4.65 pence to 3.46 pence and basic adjusted earnings per share have increased by 38% from 9.80 pence to 13.52 pence.”

Matthew Riley, Chief Executive Officer of Daisy, commented “We have made good progress during the period, completing two acquisitions, with another transacted post year end. In addition, the Group has continued to progress its organic growth strategy and seen an improvement in cross-selling, particularly amongst those customers taking three or more products.

“Notwithstanding ongoing macroeconomic headwinds, the Group remains cautiously optimistic about the year ahead. With a strong balance sheet and solid base of recurring revenues, we are well positioned in these more challenging economic times. Indeed, in the year ahead, we expect to see a material increase in our level of free cash flow generation.

“We also continue to see a strong flow of potential acquisitions and intend to further pursue our successful strategy of consolidating the fragmented reseller market, where we can see a clear enhancement to shareholder value. In the event that material acquisitions are not completed, the Board intends to introduce a maiden dividend following the end of the current financial year.”

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