Creston PLC Acquisition of DJM Digital Solutions Ltd (1572S)
28 11월 2012 - 4:01PM
UK Regulatory
TIDMCRE
RNS Number : 1572S
Creston PLC
28 November 2012
28 November 2012
Creston plc
('Creston' or 'the Group')
Acquisition of DJM Digital Solutions Ltd
Creston plc ('Creston' or 'the Group'), the Insight and
Communications group, today announces the acquisition of 75 per
cent of the share capital of DJM Digital Solutions Ltd ('DJM'), a
UK-based digital healthcare agency.
On completion, an initial cash consideration payment of GBP1.2
million will be payable and net current assets of GBP0.3 million
will be retained within DJM. There will be a final cash
consideration payment for the 75 per cent holding, based on average
profit before interest and tax from completion to March 2015 of up
to GBP1.8 million which will be payable in June 2015. From April
2018 onwards the minority shareholders in DJM will have a request
to put option and from April 2020 onwards Creston will have a call
option, both options are for the remaining 25 per cent of DJM for a
maximum consideration of GBP2.4 million.
This acquisition is in line with the Group's strategy to
establish itself as one of the leaders in providing digital
marketing services to clients and also supports the continued
growth of its Health division, which is increasingly seeing more
demand from clients for digital services.
Creston's Health division and DJM have had a successful trading
relationship for the past year and already have many clients in
common (including AstraZeneca, Abbott and Takeda) at a UK, European
and global level. Recent collaborations between DJM and Creston
Health have already led to new client work with Leo Pharma, UCB and
Pfizer.
Based in Richmond, Surrey, and founded in 2001 with the aim of
creating cutting edge digital technology solutions for the
healthcare and pharmaceutical industries, DJM now employs 26
highly-skilled professionals with a broad spectrum of capabilities.
Providing innovative creative, technology and digital solutions, it
helps clients engage with their audiences using the most advanced
communications platforms.
Following the acquisition, which will be marginally earnings
enhancing in this financial year, the Group will continue to
benefit from the experience and expertise of DJM's founder, Dominic
Marchant who will remain as Managing Director.
For the financial year ended 31 July 2012, DJM's unaudited
statutory accounts reported revenues of GBP0.6 million and a
pro-forma profit before taxation of GBP0.2 million, including a
normalised shareholder Managing Director salary. As at 31 July 2012
DJM had net assets of GBP0.5 million.
Commenting on the acquisition, Don Elgie, Group Chief Executive
of Creston plc, said: "The healthcare industry has historically
been very cautious about the use of digital marketing in light of
the tight regulatory environment in which it operates. However, the
rapid uptake of smartphones and tablets among physicians is
revolutionising work practices and the pharmaceutical industry is
having to adapt its marketing communications accordingly.
"In the UK, in an industry where digital has been adopted quite
late compared to other business sectors, DJM is one of the largest
and most respected independent digital healthcare agencies. Working
with our other health companies, as part of Creston Health, we are
confident that DJM will facilitate the continued growth of the
division as digital becomes an ever-more significant element of our
clients' and prospective clients' briefs."
-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
Matthew Neal
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
This information is provided by RNS
The company news service from the London Stock Exchange
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