Telecoms and technology giant Daisy Group has said it was “largely protected” from the “more serious adverse economic consequences” of the Covid-19 pandemic in the year it demerged a major division in a £1bn deal.

The group, which is headquartered in Brierfield, Lancashire, has reported losses of £216.3m for the 12 months to the end of March 2021, compared to losses of £130.4m in the prior year.

Its revenue also fell from £457.9m to £417m over the same period.

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The figures do not include the contribution of the DWS division which was sold towards the end of the financial year.

The newly-filed documents with Companies House do show a profit from discontinued operations of £612.8m.

On Christmas Eve 2020 contracts were exchanged which would result in the eventual demerger of Digital Wholesale Solutions Holdings, Aurora Kendrick James and their subsidiaries from the group as well as the sale of Giacom Group.

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The group’s interest in the DWS division was sold on March 12, 2021, for a total consideration of £304m to Daisy Holdco while five days later it was demerged from the group and sold for £1bn.

Daisy Group provides communications and IT services to SME and mid-market business sectors as well as the larger enterprise market.

Its services include access, hosting, voice, date, maintenance and support as well as managed services, mobile technology, wi-fi and business continuity.

The group has worked with the likes of the British Museum, Channel 4, Moss Bros and Specsavers.

A statement signed off by the board said: “The group was largely protected from the more serious adverse economic consequences of the Covid-19 pandemic due to the significant proportion of recurring revenue from its customer base and an increased demand for hardware and mobiles as companies sought to better equip their workforce for home working.”

In August 2020 Aurora Kendrick James acquired Union Street Technologies for £24.8m. A month later it also snapped up Shaftsbury Systems for £3.5m.

In November 2020 the group bought Project Seattle Topco and its subsidiaries for £70m while Aurora Kendrick James also acquired Elder Studios for £2.1m.