Communications group Creston sees revenue drop by 4% to £80.5m

Communications group Creston saw a decrease in its revenue by 4% up until March 2010, according to its latest financial results.

Creston chief executive: Don Elgie
Creston chief executive: Don Elgie
The unaudited prelimary results for the year ended 31 March 2010 show that the group’s revenue decreased from £83.8m in 2009 to £80.5m.

However, the group, whose PR agencies include Nelson Bostock Communications and Red Door Communications, saw revenues in digital and online increase by 6%. That sector now represents 31% of the group’s revenues, an increase from 28% in 2009.

Creston group chief executive Don Elgie said of the results: ‘We have delivered a resilient performance against a challenging economic backdrop, but this does not allow us to be complacent about ongoing change in our industry.

‘We continue to build our capabilities to meet increased demand for digital marketing, insight and health marketing.’

Creston also announced it has entered into a conditional agreement with Lowe to dispose of the company’s advertising business DLKW Group. The deal, for a cash consideration of £28m, is subject to certain adjustments. The disposal is conditional upon the approval of Creston shareholders.

Elgie added: ‘The disposal of our advertising agency DLKW announced this morning will help us ensure that our group is correctly structured and well funded to develop into the areas of marketing services that offer the greatest opportunity of growth.’

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