Following an improved second half performance the Group expects to be in line with consensus, both in terms of revenue and Group Headline PBT. Revenue will be £74.8 million (2013: £75.2 million), with cash (excluding deferred consideration) ahead of Board expectations at £7.5m.
Creston will announce its preliminary results for the year ended 31 March 2014 on Wednesday 11 June 2014.
Barrie Brien, Group Chief Executive, commented: “I am pleased with the second half performance in which we have achieved revenue growth over both the first half and the same prior year period, putting us in line with consensus. Following the busy period of pitching in the first half of the year, new business wins had a positive impact as expected”.
The Group also announces that David Grigson, Non-Executive Chairman of Creston plc and a member of the Board since November 2009, will be stepping down from the Board with effect from the AGM on 8 September 2014.
Following the AGM, Richard Huntingford, a member of the Board since September 2011, will become Non-Executive Chairman and Chairman of the Nominations Committee. Richard has extensive plc Board and media sector experience gained from a variety of Chair and non-executive director roles, including his current Non-Executive Chairmanship of UTV Media plc. Andrew Dougal, a member of the Board since September 2006, will remain the Senior Independent Director. A search is underway for an additional Board member who will also serve as Richard Huntingford’s replacement as Chairman of the Remuneration Committee.
Andrew Dougal, Senior Independent Director, commented: “David has played a key part in Creston’s development in his four years as Non-Executive Chairman, particularly in leading the recent Group Chief Executive succession process. He leaves the Group in a strong position and on behalf of the Board I thank him for his valuable contribution”.