NEWS14 August 2009

Creston reports like-for-like Q1 revenue down 6%

Financials UK

UK— Research and marketing services group Creston has seen like-for-like revenue fall 6% in the first quarter of the new financial year, compared to growth of 5% last year.

In an update issued today for the period 1 April to 30 July 2009, the firm said client budgets had been “re-phased” during Q1. The communications division was hardest hit by this move but, Creston said, the cuts had been “partly offset” by new business wins last year.

“Although the current economic climate is having an effect on client budgets, we continue to win new business to offset the impact,” the firm said. “The new business pipeline remains strong and with a historical high pitch-to-win ratio, we are confident of winning a good proportion of the opportunities.”

Creston raised £3.3m through a share placing in July, which will be used in part to fund an international expansion of its online research business Newvista. The group also owns research agencies ICM and MSL. Taken together, the insight division “had its highest level of secured commissions by this point in the year,” said Creston.