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30 Apr 2012 07:00
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30 April 2012
Creston plc
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Trading Statement
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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.
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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 Β£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.
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Following the lower sales levels previously reported, the Group has now completed the necessary actions to reduce its operating costs.
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Operating cash flow remains good and after funding the initial cash consideration ofΒ US$6.0 million (Β£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.
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Creston will announce its preliminary results for the year ended 31 March 2012 on Wednesday 13 June 2012.
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-ends-
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For further information please contact:
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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 |
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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
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[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.
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[2] Profit before finance income, finance costs and taxation (PBIT).
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[3] Like-for-like compares current year performance to prior year performance, excluding the results from any acquisitions.
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