Creston upbeat but revenue and profits down in the H1 FYR 2014.
Commenting on the results, Don Elgie, Group Chief Executive of Creston plc, said:
“Revenue and profits for the six months are lower than previously anticipated, primarily as a result of volatility related to the phasing of some client work across the Group and the exceptional amount of time incurred in new business activity. It has been a successful first half for the Group in many other respects, particularly in terms of net new business wins, having secured an annualised £7.9 million of work for new clients compared to £3.1 million in the prior year period. These wins will start to benefit the Group in the second half of the year and will help compensate for the volatility in some of our clients’ activity. As in previous periods we anticipate increased revenues in the second half of the year, with full year revenues being broadly flat year-on-year….”
On the outlook Don Elgie said:
“The Group is therefore well-positioned for future revenue and profit growth and our confidence is further underpinned by signs of improvement in the prospects for our industry, such as the latest IPA Bellwether survey showing the fastest growth rates in advertising spending recorded. The work we have done in recent years to position Creston in the fast growing areas of communications, such as digital, will see us well placed to take advantage as volatility reduces and client budgets are under less pressure.”
For the full RNS click Creston