Daisy reveals ‘progressive dividend policy’

LANCASHIRE business telecom company Daisy Group has announced its maiden dividend will be 4p per share, and as part of a “progressive” policy expects to raise it 15% in each of the next two years

The AIM-listed firm, based in Nelson, but with operations nationwide, said in a pre-close statement it expects revenues and earnings in the year to the end of March to meet forecasts.

Free cash flow generation has been “materially higher” than expected, and as a result, net debt will be lower.

The group said this cash flow performance gave it the confidence to implement the new dividend policy.

Chief executive Matthew Riley said: “”Though trading trends have continued as highlighted at the interim results, we are pleased to report this is balanced with improved revenue mix, product diversification and strong cash flow generation.

“Our recently announced new £200m banking facility enables us to continue to review acquisition opportunities alongside the implementation of the progressive dividend policy we have announced.”