Daisy Group has announced a trading update for the 15 months ended 31 March 2010.
The statement says that the 15 months ended 31 March 2010 has been a ‘transformational period for Daisy. The Group has completed seven separate acquisitions during the period and has been actively engaged in the integration of these businesses over that time. The results for this financial period are anticipated to be in line with market expectations.
Management has made good progress with regard to its ‘buy and build’ strategy, successfully expanding Daisy Group’s customer base product portfolio and cross sell capability.
Daisy Communications, Vialtus Solutions, AT Communications, Eurotel and Redstone Telecom have now been fully integrated into the Group. The integration of each of these businesses was completed slightly ahead of schedule with aggregate annualised synergies of £17m delivered at the period end, which is in line with management expectations.
The Group is currently in the process of integrating the more recently acquired Managed Communications and BNS Telecom. Each of these businesses is trading in line with expectations and both integrations are due to complete on schedule.
Looking forward, the completed acquisitions strengthen the competitive position of Daisy. The Group now has a strong mix of data, mobile and VOIP capability to add to its traditional product set. The larger customer base offers benefits through economies of scale and important cross selling opportunities which can drive growth and improve margins. The management is investing the appropriate amount of resource to capitalise on these opportunities, while continuing to identify further synergistic opportunities to continue growing the business.’
Matthew Riley, Chief Executive Officer of Daisy Group commented: “It has been an important period for Daisy Group. The completed acquisitions increase the strength and improve the future prospects of Daisy, providing a comprehensive product portfolio and considerable cross-selling opportunities to our enlarged customer base. Despite the significant M&A activity the management team has remained focused on hitting its performance targets, as will be reflected in our results. We look forward to the financial year ended 31 March 2011 with confidence.”
The Group will announce its preliminary results for the 15 months ended 31 March 2010 on Tuesday 22 June 2010.