Telecom and hosting services provider Daisy Group reported a slightly wider pre-tax net loss from continuing operations for the year but provided a rosy outlook for the year ahead that lifted investor spirits.

The company said it expects to trade towards the upper end of the current market estimates for profit in the financial year ahead and anticipates further improvement in cash generation.

Daisy also announced that it will reduce the rate of acquisitions versus historic levels of activity, which may have brought relief to some investors and industry experts who believed that acquisitions by the company could lead to integration challenges of maintaining revenue, cost cutting and maximising synergies.

In April, Daisy made two purchases within less than a week from each other.

For the year ended 31 March, Daisy reported a net loss before tax from continuing operations for the year of £19.7m, compared with a net loss of £19.6m, last year.

In a separate press statement, the company named Steve Smith as its new chief financial officer effective immediately, replacing Anthony Riley who held the position for almost three years.

Shares of the company rose 2.9% to 123.49p in early morning trading.

AR

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