6th Sep 2016 07:23
LONDON (Alliance News) - Creston PLC on Tuesday said the UK vote to leave the European Union has caused uncertainty in its existing UK clients' marketing budgets, offsetting the benefit of new business gains.
The marketing communications group noted its UK clients had already been facing challenges as they "experience their own transformations within their industries", which have been exacerbated by the Brexit vote.
As such, though Creston said it had made new business gains during the four months ended July 31, it expects to report "marginal growth in reported revenue" for the period.
Creston said, however, its pretax profit is "well ahead" of the same period a year earlier, reflecting the benefit from the ongoing implementation of operational efficiencies as well as from the weakening of the sterling.
Creston said it was making good progress in its search for a new chairman, after having appointed Senior Independent Director Nigel Lingwood as its interim non-executive chairman in April.
Shares in Creston were up 1.5% at 104.50 pence on Tuesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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