Creston expands even in tough conditions

Creston, a marketing communications group, announced positive first half results despite a “challenging economic and trading environment”.

The group’s revenue stayed broadly flat at £40m in the six months ended 30 September 2016 from £40.3m from the first half of 2016.

Like-for-like revenue fell 4% to £38.7m while International revenue rose 11% to £14.2m.

Growth on headline profit before interest and tax (PBIT) rose 13% to £4.5m due to on-going operational efficiencies. Headline diluted earnings per share rose to 5.77p from 4.98p in 2016.

Chief executive Barrie Brien said: “Despite the challenging economic and trading environment, the group's headline profits grew 13 per cent in the first half of the year. Creston has achieved steady progress in implementing the group's five-year strategy of growing the breadth of services to clients under the Unlimited offer and, as a result, our top 20 clients and international revenue have grown by 12 per cent and 11 per cent respectively.”

Net cash remained stable at £1.4m with nil deferred consideration.

The group’s half year dividend per share was maintained at 1.42 pence.

The independent directors of the board have also announced their intention to unanimously recommend to shareholders a cash offer for the entire share capital of the company buy DBAY advisors.

The share price rose 31.555 to 123p at 1520 GMT on Thursday.