Reseller sees revenues surge as it announces a slowdown in its acquisition strategy and the resignation of CFO Anthony Riley
Daisy Group’s revenues almost almost doubled to 266.3 million in the 12 months ending March 31, 2011 compared to a year earlier.
The acquisitive reseller also reported EBITDA of 40.7 million for the period, almost quadrupled the 11 million total reported a year earlier. Operating losses were also down at the company from 21.8 million to 15.8 million.
Daisy Group said the board expects it 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.
It added while strategically important acquisitions will continue to be considered by the board, it is expected the rate of acquisitions will reduce against historic levels of activity.
Daisy Group chief financial officer Anthony Riley is today stepping down from his position after almost three years with the Group to pursue other interests. He is being replaced by Steve Smith, who joined Daisy Group in 2009.
Daisy Group chief executive Matthew Riley (pictured) said: “The acquisitions we have completed are already yielding significant strategic benefits, material financial synergies and have enhanced the breadth of our product offering for customers.
“Against an uncertain macro economic backdrop, we have delivered a strong set of results, with particularly robust levels of free cash flow. At the same time, our acquisitions have strengthened our product portfolio and positioned us well for future growth.
“Visibility across the Group is improving and we face the financial year to March 2012 with confidence.”
