Partner Article

Daisy Group plc report ?robust? performance

Lancashire-based communications provider, Daisy Group plc, has said performance has been “robust” following acquisition of a Cambridgeshire rival.

Daisy said trading for the six months to September 30, was healthy, despite a “tough macro-economic backdrop.”

Net debt had increased during the half year, attributable to the acquisition of Worldwide Group Holdings Limited in April.

The Board reported the acquisition was performing in line with management expectations. Working capital headwinds had impacted the business towards the end of 2011, but improvement in the level of free cash flow generation has eased this.

Matthew Riley, Chief Executive Officer of Daisy Group plc, said: “We highlighted in June that the second half of FY12 had seen a lengthening of sales cycles together with some pressure on certain mobile connection commissions. As expected, these factors continued into the first half of this year.

“However, we remain confident in the Group’s trading outlook for the second half and its ability to generate significant free cash flow going forward.”

This was posted in Bdaily's Members' News section by Tom Keighley .