Pre Close statement

21 Apr 2008 07:00

Creston PLC21 April 2008 21 April 2008 Creston plc Pre-Close Trading Statement Creston plc (LSE: CRE), the Insight and Communications Group, provides an updateon trading prior to entering its close period in advance of the results for theyear ended 31 March 2008. The Board is pleased to announce that, in the 2008 financial year, the Companyperformed in line with expectations, delivering revenue growth across thebusiness. Revenue in 2008 increased by approximately 16% year-on-year, or 8% ona like-for-like basis. Two Creston companies, CML Research and DLKW, completed their earn-outs on 31March 2008 and the final deferred consideration payment for DLKW will besatisfied in December this year. The Board has agreed long-term incentiveschemes with the key management at both agencies, all of whom remain committedto the Group and are fully incentivised to deliver future growth. By 31 March 2008, net debt had been reduced to £18m after a strong cashperformance during the second half. Since the Interim Statement in November 2007, there have been a number ofsignificant new business wins across the Group from both existing and newclients, which include: Amazon, Britvic, Chessington World of Adventures, CobraBeer, Disney, Dubai Holdings, First Direct, Genus, Gordon's Gin, Healthspan,Ipsen, LMG Connections, MTV, Opel Insignia, Radox and SAB Miller. The Group has a healthy pipeline of new business across both the Insight andCommunications divisions, especially in digital and on-line. Therefore, despitethe uncertain general economic outlook, the Board remains confident that Crestonwill continue to build on the 2008 financial year's success in the current year. Creston plc expects to announce its preliminary results for the year ended 31March 2008 on Tuesday 24 June 2008. -Ends- Enquiries: Creston plc www.creston.comDon Elgie, Chief Executive 020 7930 9757Barrie Brien, COO/CFO Hogarth Partnership Limited 020 7357 9477Chris Matthews / Sarah Macleod /Sarah RichardsonInvestec Bank (UK) Limited 020 7597 5145Erik Anderson/Ben Poynter NOTES TO EDITORS: • Publication quality photographs are available through Hogarthon the numbers shown above. About Creston plc • Since its inception in 2001, Creston has brought 10 leadingbrands under one roof in the UK, offering a host of blue-chip clients a rangeof services spanning advertising, public relations, digital marketing, marketresearch, direct marketing and customer relationship marketing (CRM), among manyothers. • Creston is divided into two divisions: Insight, whichencompasses those agencies engaged in understanding consumer behaviour,attitudes and needs, via research and evaluation; and Communications, whichcomprises agencies involved in influencing, shaping and changing consumerbehaviours, attitudes and needs - this includes PR, advertising and marketing.Both divisions are entirely complementary. • Creston's share price is quoted on the London Stock Exchangeunder the symbol CRE and is published in the Financial Times, The DailyTelegraph, The Times and the London Evening Standard. This information is provided by RNS The company news service from the London Stock Exchange