Daisy acquisition returns to profit
PHOENIX IT, the company bought by East Lancashire-based Daisy Communications in £135m deal has returned to profit despite a reduction in revenue.
In its preliminary results for the year ended March 31, turnover was down to £212m (2014: £233.4m) down 9% and pre-tax profits were £8.8m (2014: loss of £29.2m).
Chief executive of Phoenix Steve Vaughan said: “Over the past 12 months a significant amount of work has been done to stabilise our financial performance, revitalise our go-to-market approach and bring greater rigour to the way in which we work, serve and partner with our customers.
“Those efforts are just the first part of our plan for the group, but it is gratifying to see them translate into our results. It is also encouraging to start to see some customers, some new, some long-held, respond well to the improvements we are making to our service portfolio.
“Following the offer for the group from Daisy Intermediate Holdings, announced on May 27, the whole board has taken the view that this represents the best option for Phoenix in the future.
“The price offered recognises the progress made in the first phase of the strategy, and the potential of future phases. A combined Daisy/Phoenix group will be well placed to exploit the converging IT and telecoms requirements of mid-market customers.”
