Daisy Group loses £8 million in half-year results

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Four directors also resign from company following management buyout agreed in October

Daisy has revealed an operating loss of £8.1 million in a trading update released to the City on New Years Eve.

The unaudited results revealed the loss for the six months ending September 30, an improvement on the £11.9 million it lost a year previously.

Following other expenditure, such as £3.4 million in finance costs, the group lost £9.8 million over the reporting period.

Revenue was also down from £173.9 million a year ago, to £169.6 million in the latest unaudited results.

The Group also revealed that four directors resigned from the company effective from late last month following the move by a consortium, led by chief executive officer Matthew Riley, to take the company private in a £494 million deal last year.

The resignations are executive chairman Peter Dubens of financiers Oakley Capital, non-executive director Laurence Blackhall, senior independent non-executive director Christina Kennedy and independent non-executive director Ian McKenzie.

“I would like to thank Peter, Christina, Laurence and Ian for the contribution they have each made to Daisy’s successful execution of its acquisition-led strategy since its Admission in 2009,” said Riley.

“The guidance and support they have given during this period has helped to deliver shareholders 185 pence per Daisy Share under the terms of the Offer, compared to the placing price in July 2009 of 80 pence per Daisy Share, an increase of 131.3 per cent. I wish each of them every success in their future ventures.

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