Trading ‘robust’ says Daisy
BUSINESS telecoms group Daisy has reported “robust” trading during the first half of the year against a tough economic backdrop.
The Nelson, Lancashire-based company said it expects revenues in the six months to the end of September to be above the level achieved in 2011 when it announces interim results on November 28.
In a trading update the group said: “The board is pleased to report a material improvement in the level of free cash flow generation following the working capital headwinds seen in the second half of the previous financial year.
“Net debt has increased during the half year reflecting the acquisition of Worldwide Group Holdings Limited in April 2012. The board is pleased to report that the acquisition is performing in line with management expectations.”
Matthew Riley, chief executive said: “We highlighted in June that the second half of FY12 had seen a lengthening of sales cycles together with some pressure on certain mobile connection commissions. As expected, these factors continued into the first half of this year.
“However, we remain confident in the group’s trading outlook for the second half and its ability to generate significant free cash flow going forward.”
