Creston suffers drop in its share price
Creston, the owner of Delaney Lund Knox Warren & Partners and Tullo Marshall Warren, saw its shares fall to a low of 39.75p this week, before rallying slightly to reach 41.5p on Wednesday.
The drop is the latest in a long line of falls for the marketing
services company, which had a share price of 202p this time last
year.
The stark change has led to market speculation that Creston and its
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portion of the business that is owned by outside investors and take the
company private.
Don Elgie, the group chief executive of Creston, denied this was the
case: "The board of directors has a judiciary duty to maximise
shareholder value. We are committed to being a public company."
Over the last year, rival groups have also seen their share prices fall.
Chime Communications' shares have dropped from 282.5p a year ago to
112.5p this week and, over the same period, Cello Group's shares dropped
from 158p to 72.5p.
Creston's share price has continued to fall despite the company
reporting good financial results for the year ending March 2008, with
pro-fits up 25 per cent and revenue up 16 per cent to £80.5
million.
Elgie added: "There is a total disconnection between our operational
performance and share prices."
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