NEWS31 July 2013

Creston buys back 30,000 shares

Financials UK

UK — Insight and communications group Creston has purchased 30,000 ordinary shares in a buyback.

In a Stock Exchange notification, purchased 30,000 ordinary shares of 10p each in the group at an average price of 103.5p per share, for transfer into treasury. The highest price paid per share was 105.0p and the lowest price paid was 102.0p per share.

Following the share buy-back the Group’s issued ordinary share capital consists of 61,337,338 ordinary shares of which a total of 219,883 ordinary shares are held in treasury. Therefore the total number of ordinary shares with voting rights in Creston is 61,117,455 ordinary shares.

The notification added that “the purchased shares will be held in treasury and may be utilised to satisfy employee share based award obligations”.

The buyback comes after Creston’s interim management statement this week when the company said the three months to 30 June was expected to see slightly lower revenue than the previous year with like-for-like revenues 5% lower largely due to a client loss in its health division.

Its insight division reported an increase in like-for-like revenue compare with the same period last year which “highlighted the continued recovery and growth of the division”.

In the management statement, Creston CEO Don Elgie (pictured) said: “The IPA Bell Weather Report on client sentiment towards increased marketing spend is the most encouraging for six years. At Creston, we are seeing this being borne out by high levels of new business activity.”