ICM Performance Slows Creston Growth

UK-based insight and communications group Creston has reported slow revenue growth of 1% for the second quarter of the year, impacted by a poor performance from its research agency ICM.

Last month, Creston's insight division posted a 7% drop in revenue to £13.8m for the year ended 31 March 2012. This had been preceded by a restructure at ICM, which included the scrapping of the role of Group Chairman, in a bid to reduce operating costs following 'lower than expected sales'.

During the period, Creston also integrated the three ICM companies - ICM Research, ICM Direct, and Fieldwork UK, and merged its face-to-face specialist Fieldwork UK with sister agency ICM Direct.

In an interim management statement issued earlier today, Creston - which is led by CEO Don Elgie (pictured) - said it would continue to review the ICM business closely to ensure costs remain aligned to performance. However, the group stressed that ICM's focus on developing further expertise in new research technologies and digital platforms is creating 'good' new business opportunities.

Like-for-like revenue for the group's first quarter was down just under 7%, compared with the same period in 2011. Creston says despite this slower start there have been 'encouraging' new business wins and opportunities across all its divisions.

Web site: www.creston.com .