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Creston Expects Good Growth
Insight and communications group Creston plc performed in line with expectations in the 2008 financial year, delivering revenue growth of c.16% year-on-year, or 8% on a like-for-like basis, according to a pre-close Trading Statement.
The Group, which axed its New York office at a cost of around £600,000 in February because of uncertain economic conditions, expects to announce its preliminary results for the year ended March 31, 2008, on June 24, 2008. By the end of that year, the group says its net debt had been reduced to £18m after a strong cash performance during the second half.
Creston was formed in 2001 and has bought ten marketing services brands to create a group spanning advertising, public relations, digital marketing, market research, direct marketing and CRM. It has two divisions, research and evaluation firms grouped as 'Insight', and PR, advertising and marketing companies as 'Communications'.
The Group says two of its companies, CML Research and DLKW, completed their earn-outs on 31 March 2008 and the Board has agreed long-term incentive schemes with key management at both.
Creston has made a number of significant new business wins from both existing and new clients since the Interim Statement in November 2007, and says it has a healthy pipeline of new business across both the Insight and Communications divisions, especially in digital and online. Despite the general economic outlook, it therefore 'remains confident that Creston will continue to build on the 2008 financial year's success in the current year'.
Web site: www.creston.com .
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