Unified comms provider Daisy Group is planning further acquisitions, CEO Matthew Riley said as the firm announced its annual results today.
The company's audited preliminary results for the 12 months to March 2012 revealed that losses had fallen to £13.1m in the year to the end of March – down from £15.8m on last year.
Revenues rose by 31% to £348.6m while earnings before interest, tax, depreciation and amortisation (EBITDA) increased to £56.3m from £40.7m.
The Group said growth had been driven by an increased mix of retail customers taking three or more products, an improved product portfolio which had reduced its reliance on fixed-line network services, and significant cost savings following a year of consolidation and integration.
Riley (pictured) said the Group was continuing its acquisition strategy as well as strengthening organic growth through cross-selling.
He said: ‘We have made good progress during the period, completing two acquisitions, with another transacted post year end.
‘In addition, the Group has continued to progress its organic growth strategy and seen an improvement in cross-selling, particularly amongst those customers taking three or more products.
"Notwithstanding ongoing macroeconomic headwinds, the Group remains cautiously optimistic about the year ahead.’
Referring to the current economic downturn, Riley said Daisy’s strong balance sheet and recurring revenues put the Group in a strong position to weather the economic climate, and he predicted a material increase in its level of free cash flow generation.
He added: ‘We also continue to see a strong flow of potential acquisitions and intend to further pursue our successful strategy of consolidating the fragmented reseller market, where we can see a clear enhancement to shareholder value.’
Daisy Group executive chairman Peter Dubens said: 'The focus of the Group going forward is to increase cross-sales, improve retention of customers through provision of a full product range and excellent customer service, and continued improvement in operating processes. However, strategic acquisition opportunities will continue to be considered by the Group.'