Daisy confident after deals spree
DAISY Group, the deal-hungry telecoms provider to small and medium-sized businesses, says its shopping spree of seven acquisitions had not impacted on financial performance.
The AIM-listed company, based in Nelson,Lancashire. said in a pre-close trading statement for the 15 months to the end of March, the period had been “transformational.”
It said it expects to deliver £17m of synergies at the period end after its seven deals.
During a period of great change and growth, chief executive Matthew Riley, said the business had to focus on still performing well.
He said: “”It has been an important period for Daisy Group. The completed acquisitions increase the strength and improve the future prospects of Daisy, providing a comprehensive product portfolio and considerable cross-selling opportunities to our enlarged customer base.
“Despite the significant M&A activity the management team has remained focused on hitting its performance targets, as will be reflected in our results.
“We look forward to the financial year ended 31 March 2011 with confidence.”
Five of the seven acquisition have been fully integrated and Daisy is now working on Managed Communications and BNS Telecom.
It said both businesses are trading in line with expectations and the integrations are due to complete on schedule.
Results for the 15 months to March 31 will be published on June 22.
