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Creston Sells Shares to Fund Organic Growth
UK-based insight and communications group Creston is selling shares in a bid to raise around £3.3m, which it will use to expand its online firm Newvista Research, as well as its mobile, digital and healthcare marketing services.
Newvista has a national panel of more than 130,000 individuals and also offers specialist panels including 'Business Decision Makers' and 'Healthcare Professionals. In addition, it provides bespoke panel build and management services to clients.
Creston - which also owns market research firms ICM and Marketing Sciences - is selling more than 5.5 million shares at 60 pence each, representing approximately 10% of its existing issued share capital.
CEO Don Elgie comments: 'Following the group's robust 2009 financial year end, Creston is pleased to have made this limited capital raising with long-term shareholders to enable it to bring forward its organic growth plans, particularly in the areas of mobile, digital and healthcare marketing.'
Last month, Creston reported an 8% revenue drop for its Insight division - a decline from 22% the previous year. Headline profit before tax for the division was £4.5m, down from £5.3m in 2008. However, for the group, revenue grew 60% to £69.7m.
Web sites: www.creston.com and www.newvistaresearch.co.uk .
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