Tony Reeves (pictured), chairman and chief executive officer of Hot Group, has claimed the firm will continue on its acquisition spree.

“The cornerstone of the strategy is organic growth, but we are acquisitive and if we see something earnings-enhancing, we will consider buying it,” he told the Financial Times.

Hot Group has already made 10 acquisitions in the last 16 months and spent £18m on buying firms last year alone. It has recorded an operating loss of more than £15m in the 16-month period to 31 December 2004 following heavy administrative costs of several acquisitions.

The company had to spend over £2.3m on reorganisation costs, including writing off certain fixed assets in companies acquired.

Hot Group recorded an organic profit growth of 40% in the last year following its purchase of six online businesses.