In a formal 'state of play' statement Daisy Group has hailed the 15 months ended 31 March 2010 as a 'transformational period' in which it completed seven separate acquisitions, and forecasts that the results for this financial period will be in line with market expectations. The Group will announce its preliminary results for the 15 months ended 31 March 2010 on Tuesday 22 June 2010.
According to the statement, 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 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.
Daisy Group now boasts a strong mix of data, mobile and VoIP capability to add to its traditional product set; while the larger customer base offers benefits through economies of scale and cross selling opportunities.
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."