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20 Apr 2009 07:00
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Β 20 April 2009
Creston plcΒ
Pre-Close Trading Statement
Creston plc (LSE: CRE), the Insight and Communications Group, provides an update on trading prior to entering its close period in advance of the preliminary results for the year endedΒ 31 March 2009.
In the 2009 financial year, the Company has performed ahead of consensus forecasts for revenue (achievingΒ 4% year-on-year growth), EBIT, EBITDA, earnings per share andΒ hadΒ a lower netΒ debt position.Β
This strong performance has been driven by an excellent new business performance that more than compensates for general market softness.Β Since the Interim Statement in November 2008, there have been a number of significant new business wins across the Group from both existing and new clients. These wins includeΒ Astellas, Boehringer Ingelheim, E-ON, GSK,Β Marie Curie Cancer Care, Panasonic, Spicers andΒ Toyota. Net new business wins for the year will generate over Β£15 million in revenue (2008: Β£9 million). The Group continues to have a healthy pipeline of new business, especially in digital and on-line research.Β
AllΒ acquiredΒ Group companiesΒ have completed their earn-out periods byΒ 31 March 2009 and the final deferred consideration, which can now be finalised and is no longer contingent upon future profit levels, will be detailed in the preliminary announcement andΒ will beΒ settled in December 2009 and June 2010.Β
AtΒ 31 March 2009, net debt was approximately Β£19 million havingΒ beenΒ reduced by over Β£12 million since September 2008,Β after a strong cashΒ generatingΒ performance during the second half of the financial year. ThisΒ reductionΒ in net debt also follows the settlement ofΒ overΒ Β£13 millionΒ deferred consideration in respect of DLKW.
The Group maintained tight management of its key performance indicators covering revenue and profit per head and operating profit margin. Consequently the Group ends the yearΒ withΒ operating costs aligned to revenues forecast for theΒ newΒ financial year.
Creston plc expects to announce its preliminary results for the year ended 31 March 2009 on Tuesday,Β 23 June 2009.
-Ends-Β
Β Β
Enquiries:Β
|
Creston plc |
www.creston.comΒ |
|
Don Elgie, Chief Executive |
020 7930 9757 |
|
BarrieΒ Brien, COO/CFO |
|
|
Hogarth Partnership Limited |
020 7357 9477 |
|
Chris Matthews / Fiona Noblet/Β Anthony Arthur Investec Bank (UK) LimitedΒ Erik Anderson/Ben Poynter |
020 7597 5145 |
NOTES TO EDITORS:
Publication quality photographs are available through Hogarth on the numbers shown above.
About Creston plc
Since its inception in 2001, Creston has brought 10 leading brands under one roof in the UK, offering a host of blue-chip clients a range of services spanning advertising, public relations, digital marketing, market research, direct marketing and customer relationship marketing (CRM), among many others.
Creston is divided into two divisions: Insight, which encompasses those agencies engaged in understanding consumer behaviour, attitudes and needs, via research and evaluation; and Communications, which comprises agencies involved in influencing, shaping and changing consumer behaviours, attitudes and needs - this includes PR, advertising and marketing. Both divisions are entirely complementary.
Creston's share price is quoted on the London Stock Exchange under the symbol CRE and is published in the Financial Times, The Daily Telegraph, The Times and the London Evening Standard.
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