Last checked at 30 Apr 2012 07:00
30 April 2012
Creston plc
Trading Statement
Creston plc ('Creston' or the 'Group') (LSE: CRE), the Insight and Communications Group, provides an update on trading for the year ended 31 March 2012 ahead of its preliminary results for the period.
Further to the Group's Interim Management Statement announced on 27 January 2012, the Board confirms that Headline[1] PBIT[2] for the full year is expected to be in line with the guidance provided at that time. The Group expects to report full year revenue of £75 million, an increase of 11 per cent compared to the prior year, with like-for-like[3]revenue marginally ahead over the same period. The Group's most recent acquisition, The Corkery Group, is performing well.
Following the lower sales levels previously reported, the Group has now completed the necessary actions to reduce its operating costs.
Operating cash flow remains good and after funding the initial cash consideration of US$6.0 million (£3.8 million) for The Corkery Group acquisition and the cash charges for the restructuring, start-ups and acquisition related costs, the Group 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.
Creston will announce its preliminary results for the year ended 31 March 2012 on Wednesday 13 June 2012.
-ends-
For further information please contact:
Creston plc | + 44 (0)20 7930 9757 |
Don Elgie, Group Chief Executive | |
Barrie Brien, COO/CFO | |
M:Communications | +44 (0)20 7920 2339 |
Elly Williamson |
About Creston plc
Creston plc (LSE: CRE) is a marketing services company focused on insight-led communications. 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 truly understand, influence and inspire consumers and it's that insight-led intelligence that drives our creativity. www.creston.com
[1] Headline results reflect the underlying performance of the Group and exclude acquisition, start-up and restructuring related costs, deemed remuneration charges and notional finance costs.
[2] Profit before finance income, finance costs and taxation (PBIT).
[3] Like-for-like compares current year performance to prior year performance, excluding the results from any acquisitions.