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Creston Posts 60% Revenue Rise
UK marketing services group Creston has announced a 60% growth in revenue to £69.7 million, in its preliminary financial results for the year ended 31 March.
The group owns ten marketing services companies across the advertising, market research, direct marketing, digital marketing and public relations sectors. Its 'Insight Division' comprises full service agency ICM Research (acquired by Creston last year www.mrweb.com/drno/news5422.htm ); international consultancy Marketing Sciences Ltd (MSL); qual MR firm CML Research; sensory profiling company Mobile Sensory Testing Services (MSTS); and online panel firm newvista.
Following the ICM acquisition, an Insight Division Board was established to share best practice and identify industry opportunities, and the firm says it is already maximising savings and eliminating duplication in the areas of data collection and processing.
Revenue for the division rose 145% to £15.4 million from £6.3 million in the same period last year. Headline profit before interest and tax (PBIT) increased by 168% to £5 million (2006: £1.9 million) and reported PBIT increased to £4.3 million from £1.9 million. The firm says that this growth was driven by the acquisition of ICM and boosted by the launch of newvista research.
For the group as a whole, headline PBIT has grown 75% to £14 million on the previous year, and headline profit before taxation (PBT) has increased by 72% to £13.3 million.
During the last financial year the group also launched a US arm, headed by former FCB Chief Executive Steve Blamer (www.mrweb.com/drno/news6650.htm ), who has been tasked with identifying acquisition targets.
Commenting on today's announcement, Don Elgie Group Chief Executive said: 'Successive years of double digit growth in revenue, profit and diluted earnings per share demonstrate our ability to outperform the UK marketing services sector. With continued strong growth in the UK and the launch of Creston US, we are enthusiastic about the group's prospects.' The firm will continue to pursue relevant acquisitions.
Creston is online at www.creston.com .
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