Creston expects 11% FY 2012 revenue increase

LONDON: Holding company Creston said Monday that it will report an 11% year-over-year revenue increase to $121.9 million for fiscal year 2012, with like-for like revenue growing "marginally ahead over the same period."

LONDON: Holding company Creston said Monday that it will report an 11% year-over-year revenue increase to $121.9 million for fiscal year 2012, with like-for like revenue growing "marginally ahead over the same period."

It is attributing most of that growth to its PR agencies, said company COO and CFO Barrie Brien.

Creston subsidiary Cooney/Waters acquired health and medical PR firm The Corkery Group for $6 million last November. The holding company will announce full-year results on June 13. Like-for-like revenue excludes the impact of acquisitions.

“Much of [the 11%] growth has come from the addition of The Corkery Group, as well as the full year from Cooney/Waters, so we're pleased to say PR has driven the majority of that growth,” said Brien.

He added that the group's healthcare PR and marketing firms are seeing more client opportunities because of changes in the pharmaceutical industry.

“There's more diversification needed within the agencies going after more of the niche drugs,” he said. “But as a whole, there has been virility and growth in budget and more pitching required because of the fewer blockbuster drugs coming through from our clients.”

Brien added that “PR is incredibly important” in terms of social media and client reputation management.

At the end of last October, Cooney/Waters and Vox Collective launched a Hispanic healthcare communications service named Cultúr Health.

Last June, the group reported an 11% year-on-year revenue increase for the year ended March 31, 2011, reporting total revenue of $108.3 million.

In addition to Cooney/Waters and Corkery, Creston also owns and operates Red Door Communications, Colombus Communications, Nelson Bostock Communications, and Rock Medical Communications, among others.

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