Creston PLC Trading Statement (0815N)
27 1월 2016 - 4:00PM
UK Regulatory
TIDMCRE
RNS Number : 0815N
Creston PLC
27 January 2016
27 January 2016
Creston plc
Trading and Outlook Update
Creston plc ('Creston' or the 'Group') (LSE: CRE), the marketing
communications group, today announces a trading update for the nine
month period to the end of December 2015 and an outlook
statement.
Following revenue growth of 8 per cent in H1, growth in the
three months to 31 December 2015 ("the Period") has continued with
Group revenue up 11 per cent on the comparable prior year period,
giving rise to growth of 9 per cent for the nine months to 31
December 2015. Like-for-like[1] revenue growth improved in the
third quarter to 2 per cent (compared to 1 per cent in H1), giving
rise to like-for-like growth of 1 per cent for the nine months to
31 December 2015.
However, in the first few weeks of 2016 the Group has been
advised by a number of clients, across multiple-industry sectors,
of project delays and cuts. Some of these relate to client specific
circumstances, and others are due to increasing concerns that some
of our clients have about the trading outlook for their businesses
given the current uncertainty in the global economy. This will lead
to significantly reduced revenue growth for the Group in the fourth
quarter compared with the Board's expectations, and given the
proximity to the financial year-end, there is limited opportunity
to mitigate the impact on operating profit from the reduced
revenues.
As a consequence the Board expects full year revenue to be up
approximately 8 per cent on the prior year to circa GBP83 million
and flat on a like-for-like basis, with Group Headline[2] PBT[3] to
be slightly below the prior year of GBP9.9 million. In addition the
Board expects to report exceptional charges against reported PBT,
which is likely to include a charge for impairment in the carrying
value of goodwill.
The Group continued to enjoy considerable new business success
in the Period, with the Unlimited strategy resonating with clients
and also contributing to an increased number of cross-referral
opportunities between Creston companies and its partners. New
business wins in the period included the Vodafone Customer Value
Marketing account, appointments as both Sony Mobile and McLaren's
global lead digital strategy agency, Creston Unlimited's
appointment as British Airways' CRM and data strategy adviser, the
local marketing of Bosch Power Tools and Garden UK and the CRM and
digital strategy for Weetabix.
The Board remains confident that the Group is well-placed to
deliver long-term growth for shareholders on the basis of its
strengthened offer, blue-chip client relationships, robust cash
flow generation and broadly neutral cash position at the financial
year end.
Barrie Brien, Group Chief Executive of Creston plc, said: "We
continue to win an enviable list of new clients across the Group,
demonstrating the relevance of our Unlimited offer in the market
place and representing a material increase to the wins last year.
We are disappointed to have been impacted in January by a
combination of one-off circumstances specific to certain clients
and a cautious outlook from others, but with the good progress
against our strategy, the full year effect from our new client wins
and operational efficiencies made earlier in the financial year, we
are establishing a strong foundation for future growth."
For further information please contact:
+ 44 (0)20 7930
Creston plc 9757
Barrie Brien, Group Chief
Executive
Kathryn Herrick, Chief
Financial Officer
+44 (0)20 3772
Bell Pottinger 2491
Elly Williamson/Lucy Stewart
About Creston plc
Creston plc (LSE: CRE), incorporating the Creston Unlimited
group offer, is a marketing communications group delivering a range
of digital technology based marketing solutions to blue-chip global
clients. Encompassing consultants and discipline experts from
across the industry and beyond, Creston Unlimited unlocks the power
of creative collaboration to realise the opportunities that exist
for brands and businesses in today's rapidly evolving world.
www.creston.com / www.crestonunlimited.com
[1] Like-for-like comparisons remove the impact of acquisitions
during the current period.
[2] Headline results reflect the underlying performance of the
Group and exclude property related costs, start-up net losses,
acquisition and restructuring related costs, the launch of Creston
Unlimited and Group rebranding, movement in fair value of
contingent deferred consideration, impairment of goodwill,
amortisation of acquired intangibles, deemed remuneration charges,
acquisition related share based payment charges and notional
finance costs.
[3] Profit before taxation (PBT).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 27, 2016 02:00 ET (07:00 GMT)
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