Losses up 55 per cent to £13.8 million in the six months to the end of September, but firm says it will continue to drive organic growth and explore acquisition opportunities
Daisy Group said it is satisfied with its current financial performance, despite losses increasing 55 per cent to £13.8 million.
In results for the six months ended September 30, revenue was up one per cent to £178.1 million from the same half year period in 2011.
In April, Daisy Group acquired audio-conferencing firm Worldwide Group Holdings (WWG) for £28.4 million. Daisy Group said the increase in revenues “reflects the impact of the acquisition and the difficult macroeconomic conditions faced by the businesses in our industry”.
Adjusted EBITDA was up three per cent to £27.3 million with net cash generated up 53 per cent to £20.1 million. Gross profit margins were down two per cent to 36.4 per cent.
Daisy Group said its scale enables it to have robust conversations with its suppliers so that the impact of pricing pressures is mitigated as much as possible.
The firm added that it remains focused on driving organic growth through cross-sell opportunities across its customer base and will continue to look at acquisitions that provide shareholder value.
Daisy Group CEO Matthew Riley (pictured) said: “Whilst the sector continues to experience difficult macroeconomic and regulatory headwinds, we see our own performance balanced positively by our improving revenue mix and product diversification.
“Looking forward, we remain cautiously optimistic and expect to see continued strong free cash flow generation during the rest of the current financial year.”