Sales up and losses down as Daisy cools shopping spree

Publicly listed comms provider boosts H1 sales by almost 50 per cent but still runs at a 3.5 per cent operating loss

As its feverish acquisition activity cools down, comms provider Daisy saw sales rocket and operating losses narrow during the first half of its fiscal year.

For the six months to the end of September, group revenue grew 46.7 per cent year on year to £176m. EBITDA stood at £26.6m, more than £10m up on last year's figure, while operating losses were reduced from £8.3m to £6.1m.

Retail sales chipped in £128m to the top line, which equates to 72.7 per cent of the total. Wholesale revenue stood at £23.8m, while distribution provided sales of £24.2m.

Networks remain Daisy's biggest seller, accounting for 42 per cent of group revenue, with mobile now providing 29 per cent. Data revenue represented 19 per cent of the total in H1, and systems provided 10 per cent of the company's top line.

In a statement to the markets today, Daisy executive chairman Peter Dubens indicated that encouraging organic growth is now of greater importance than further acquisitions.

"The group is focused on driving further organic growth through cross-sell opportunities across its customer base," he wrote. "Whilst the level of acquisition activity has declined, we will continue to investigate strategic acquisitions that provide clear shareholder value."

Chief executive Matthew Riley (pictured) expressed his pleasure at the firm's "improvement in its revenue mix" during H1, as it "continued to decrease reliance on traditional fixed lines and calls".

"We are pleased to report the results for this period, which have seen a healthy increase in market share, plus revenue and profit growth across all divisions and product areas, in spite of the difficult macro-economic environment," he added.

"The business is focused on driving further organic growth and continues to consider strategic acquisitions that provide clear value for shareholders. Notwithstanding the current economic climate, we are confident for the second half of the year."