Creston reassures on outlook as profits rise 25%
LONDON - Creston, the UK-based marketing services group, has reported a 25% rise in pre-tax profits to £9.6m and claims it has yet to feel the effects of the economic slowdown.
Creston owns a range of marketing services businesses from ad agency DLKW to direct marketing agency TMW and market research companes ICM and CML.
Its revenues for the year ended March 31 were £80.5m, which was up by 16% year on year and by 8% on an organic growth basis.
It won £9m of new business during the year from clients including Barclaycard, Heinz, Twinings and AstraZeneca.
Looking forward to the year ahead, the group said "despite the current pessimism amongst economic commentators we are yet to feel any tangible effects".
But it said it was not being complacent and had already started to reduce costs and focus on cashflow to ensure it is prepared for conditions worsening.
In February it pulled the plug on its plans to open a US office out of concerns over the US economy.
Don Elgie, group chief executive, said: "2008 has been a year of consolidation, investment and strategic evolution and we believe our diversified model and recent initiatives give a strong platform to continue our record of growth in 2009."
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