Creston Results 'In Line' with Guidance

UK-based group Creston plc has issued a trading update for the year ended 31 March 2012. Like-for-like revenue increase is only 'marginal', although the reported figure is up 11% to £75m and the group says it has completed its programme of reducing operating costs.

The group's preliminary results are due in June, but today's statement says headline profit (PBIT) for the full year is expected to be in line with previous guidance, and adds that its most recent acquisition, PR firm The Corkery Group, is 'performing well'.

Recent cost-cutting and restructuring measures in the MR division include the integration of face-to-face specialist Fieldwork UK with sister agency ICM Direct, a series of senior moves and appointments, and the scrapping of the role of ICM Group Chairman.

The group says operating cash flow remains good and that it expects to be 'broadly debt free' at the year-end and in a net cash position as at 27 April 2012, both ahead of expectations.

The group is online at www.creston.com .