Sales flat for takeover-tastic Brit IT bods Daisy Group
Continued losses could bode ill for nearly private biz
Comms and tech supplier Daisy Group, which is to be de-listed from the Alternative Investment Market (AIM) this month, has posted an operating loss of £8.1m for the first six months to September 2014.
According to its audited half-year financials posted on 31 December, revenue dropped just 0.3 per cent from £173.9m to £169.6m. Gross profits remained almost identical at £67.37m, compared with £67.32m for the same period in 2013.
Revenue remained stable for the firm's financial year ended March 2014, despite a series of acquisitions made during that period. Sales rose just 0.3 per cent to £352m, compared to 2013's £351.5m, while operating losses for the year were £17.8m.
In October last year, Daisy agreed to a £500m takeover deal by a consortium of investors led by the chief executive of the firm, Matthew Riley.
Back in May 2013 the firm acquired Daisy Data Centre Solutions – formerly part of collapsed 2e2 – for £7.5m, mobile distribution business MoCo for £1.9m in June 2013, IT firm Indecs Computer Services in October 2013 for £18m, and telecoms consultancy ABSE for £7.9m in February 2014.
It also acquired IT firm Advanced Business Solutions in May 2014 for £1.8m.
The VC consortium that is currently swallowing the British group said in October that to maintain top line expansion, it will look to make chunkier acquisitions. ®