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3 Feb 2014 07:00
3 February 2014
Creston plc
Interim Management Statement
Creston plc ('Creston' or the 'Group') (LSE: CRE), the digitally focused insight and communications group, announces its interim management statement for the period 1 October 2013 to date.
In the three months to 31 December 2013 ('the Period'), there was an increase in both the Group's revenue and Headline1 PBIT2 performance, compared to the first two quarters of this financial year and the prior year period. The growth in Headline PBIT was driven by a good improvement in operating profit margin, along with a 1 per cent increase in revenue compared to the prior year period.
The successful new business win rate experienced in the first half of the financial year continued into the Period. Wins included the digital and CRM account for Virgin Trains and the social media account for Unilever's Stork, Bertolli and ice cream brands. There were also some notable synergy wins and referrals in the Period as a result of the recent co-location strategy. These included a contract for the Federation of Small Businesses and the British Chambers of Commerce (for market research, PR and digital advertising), and for Canon (market research and digital advertising).
Like-for-like3 revenue declined by 1% during the Period against the equivalent period in the prior year. This is an improvement when compared to the first half of the financial year, and was helped by the new business wins in the Period together with those in the first half of the financial year.
We remain cautious with regard to the ongoing impact of the volatility in some of our clients' marketing budgets but are reassured by the successful pitching for new business in the Period and by the outlook captured in yet another positive recent IPA Bellwether report in terms of increased marketing spend. Revenue and Headline PBIT growth against the Period is expected in the last quarter. The Board is comfortable that the full year results will be in line with market expectations.
For further information please contact:
Creston plc | +44 (0)20 7930 9757 |
Don Elgie, Group Chief Executive | |
Barrie Brien, COO/CFO | |
Bell Pottinger | +44 (0)20 7861 3232 |
Elly Williamson / Malika Shermatova |
About Creston plc
Creston plc (LSE: CRE) is a digitally focused insight and communications group. The Group delivers a range of marketing services, including advertising, brand consultancy, CRM, digital and direct marketing, health communications, local marketing, market research, PR and social media marketing to a broad spectrum of blue-chip global clients. Our insight companies give us a real edge, providing the analytic intelligence to enable us to deliver original thinking that engages audiences, invites participation and influences future trends. www.creston.com
1 Headline results reflect the underlying performance of the Group and excludes property related costs, acquisition, start-up and restructuring related costs, movement in fair value of deferred consideration, amortisation of acquired intangibles, deemed remuneration charges and notional finance costs.
2 Profit before finance income, finance costs and taxation (PBIT).
3 Like-for-like excludes the results from any acquisitions made during the current year, it compares current year performance to the prior year, adjusting the current year to only include the results of prior year acquisitions for the commensurate period of ownership.
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