Interim Management Statement


 

TIDMCRE 
 
RNS Number : 4266X 
Creston PLC 
14 August 2009 
 

 
 
Press Release 
                                       14 August 2009 
 
 
Creston plc 
Interim Management Statement 
 
 
Creston plc (LSE: CRE), the Insight and Communications Group, announces its 
interim management statement for the period 1 April 2009 to 30 July 2009. 
 
 
Trading 
The Group's trading overall remains in line with management's expectations. 
After a robust performance in our last financial year, which saw like-for-like 
revenue growth in each quarter and 4 per cent for the full year, the prevailing 
economic recession has caused an anticipated decline and re-phasing of marketing 
budgets for some clients during the first quarter of the new financial year. The 
Group has reported a like-for-like revenue decline of 6 per cent for the first 
quarter compared with the particularly strong first quarter growth of 5 per cent 
last year. 
 
 
The Insight Division had its highest level of secured commissions by this point 
in the year. The Communications Division has been effected by the expected 
client budget cuts, however, this has been partly offset by the new business 
wins from last year. The Health Division's growth has been driven by the new 
medical education and international offers and their continuing 
excellent performance in new business. 
 
 
Although the current economic climate is having an effect on client budgets, we 
continue to win new business to offset the impact. New business wins to date 
include Astellas, Astra Zeneca, BMW Motorrad, COI (blood and transplant and 
vulnerable workers), E-on, GSK and Saudi Arabian General Investment 
Authority plus other major wins yet to be announced. The new business pipeline 
remains strong and with a historical high pitch to win ratio, we are confident 
of winning a good proportion of the opportunities. 
 
 
Balance Sheet 
On 7 July 2009 the Company successfully raised GBP3.3m (gross) through a limited 
capital raising from long term shareholders. The fundraising provides additional 
working capital for the Group, and also allows for investment in our organic 
growth plans in areas such as mobile and digital healthcare marketing. 
 
 
The Group continues to manage its working capital effectively and has generated 
operating cash flow in line with the Board's expectations. 
 
 
Outlook 
Despite the current economic climate we believe that the Group's new divisional 
structure and the new business pipeline stand the Group in good stead for the 
full year. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For further information, please contact: 
 
 
+----------------------------------------+-------------------------------+ 
| Creston plc                            | 020 7930 9757                 | 
+----------------------------------------+-------------------------------+ 
| Don Elgie, Chief Executive             |                               | 
+----------------------------------------+-------------------------------+ 
| Barrie Brien, COO/CFO                  |                               | 
+----------------------------------------+-------------------------------+ 
| www.creston.com                        |                               | 
+----------------------------------------+-------------------------------+ 
|                                        |                               | 
+----------------------------------------+-------------------------------+ 
| Hogarth Partnership Limited            | 020 7357 9477                 | 
+----------------------------------------+-------------------------------+ 
| Chris Matthews/Fiona Noblet/Anthony    |                               | 
| Arthur                                 |                               | 
+----------------------------------------+-------------------------------+ 
 
 
 
 
 
 
 
 
About Creston plc 
 
 
  *  Creston is an Insight and Communications company for the 21st century. It offers 
  clients more seamless access to the most innovative marketing insights and 
  communications services to help grow their brands in a rapidly-changing consumer 
  world. Our companies draw upon the collective knowledge, expertise and services 
  from across-the-Group, so that their clients receive the best advice and achieve 
  the best results no matter what the medium. By working together, whether on 
  research or as full-scale marketing partners, our companies continuously 
  innovate to make more things possible for their clients and people. 
 
 
 
  *  Creston companies offer a range of marketing services, such as advertising, 
  direct and digital marketing, market research, public relations and healthcare 
  marketing to a broad range of blue-chip clients including: Amazon, AstraZeneca, 
  Aviva, Bayer, BMW, BT, Burger King, Canon, COI Communications, Cow & Gate, Daily 
  Mirror, Diageo, E-on, First Direct, GlaxoSmithKline, Halifax, Homeform, House of 
  Fraser, Kimberly-Clark, Lexus, Lloyds Black Horse, Morrisons, NHS Lottery, 
  Nissan, Opel, Pfizer, Roche Diagnostics, Royal Mail, SAB Miller, Sainsbury's, 
  Tesco, Thorpe Park, Toshiba, Trinity Mirror, T-Mobile, Tropicana, Unilever, 
  Vauxhall, Vodafone, Walkers and WH Smith. 
 
 
 
  *  Creston's share price is quoted in the Financial Times, The Daily Telegraph, The 
  Times and the London Evening Standard. 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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