Telecoms provider Daisy Group is putting the brake on its acquisition strategy, the Group revealed in preliminary results that show revenue growth almost doubling from £134.4m to £266.3m and a pre-tax loss of £19.75m.
Announcing its preliminary results to 31 March 2011, the Group also revealed that CFO Antony Riley has stepped down to pursue other interests. Steve Smith will take over from Riley. Smith joined Daisy Group in 2009 and before that was at accounting firm Ernst & Young.
Daisy Group said it would continue to look at acquisitions, but expected the buying spree to slow down.
Daisy Group said forecasted trading for the current financial year was at the upper end of current market expectations. It also said visibility is improving and it is confident about the current financial year.
The Group posted pre-tax losses of £19.75m. Annual loss attributable to shareholders was £7.69m or 3.02p per share. Loss from continuing operations for the year was £11.8m or 4.65p per share.
The Group stated: ‘The board expects Daisy Group to trade towards the upper end of the current market expectations for profit in the financial year ahead and anticipates further improvement in cash generation.’
Daisy CEO Matthew Riley (pictured) said: ‘This year has been a period of growth and further transformation for the Daisy Group. Growth in revenue, adjusted EBITDA, underlying EPS and free cashflow has been strong and has been achieved while we continue to invest in the future of the business.
‘Against an uncertain macro economic backdrop, we have delivered a strong set of results, with particularly robust levels of free cashflow. At the same time, our acquisitions have strengthened our product portfolio and positioned us well for future growth.’