Daisy posts increased losses

Nelson-based Telecoms giant Daisy has posted losses of £23.5m - an increase of a quarter on last year's deficit.

The company highlighted an amortisation charge of £66.2m, and the acquisitions of Worldwide Group Holdings and The Net Crowd for £31.5m as reasons for the dowturn.

Chief executive Matthew Riley said: "We have made good progress during the period, completing two acquisitions, with another one transacted post year end. In addition, the group has continued to progress its organic growth strategy and has seen an improvement in cross-selling, with an increase in the proportion of customers taking three or more products.

"Reflecting our confidence in the cash-generating characteristics of the business moving forward, we are pleased to propose a maiden full-year dividend of 4p per share and to reiterate our guidance on expected dividend progression of 15% for each of the next two years. "Notwithstanding ongoing macroeconomic headwinds, the group is cautiously optimistic about the year ahead. With a strong balance sheet and a solid base of recurring revenues from an improved product mix, we are well positioned in these more challenging economic times."