LONDON: Holding company Creston posted strong financial results in an annual report this week, citing its recent acquisition of PR firm Cooney/Waters as a key factor in its growth.
The British holding company reported an 11% revenue increase for the year ended March 31, bringing total revenue to $108.3 million, up from the previous year's $97.9 million. Digital and online revenues rose by 19%, and now constitute 41% of the overall total.
Creston sold advertising business DLKW Group for $44.7 million and acquired New York-based healthcare PR firm Cooney/Waters for $9.4 million late last year. The decision involved disposing of its traditional above-the-line advertising service in favor of faster growth opportunities in the healthcare communications field.
The purchase of Cooney/Waters enabled Creston to build a shared client base with its UK healthcare PR company, Red Door Communications. Regarding Cooney/Waters, Creston has "been pleased with the performance of the business to date," according to the report.
The acquisition has also helped Creston's communications division shift its focus to the faster growth areas of digital, local, and mobile marketing, as well as PR and social media.
A quarter of the holding company's current revenues stem from international projects. This portion is expected to increase as Creston capitalizes on new client opportunities and gains "a full year's contribution from Cooney/Waters."