Creston, the research and communications company, has issued a profits warning after failing to win new business in the fourth quarter of 2011.
The firm experienced other problems as well, including staffing costs, client projects being delayed and operating losses associated with start-up ventures.
Creston also says that revenue growth was over 22% in the last three months of 2011 versus the previous year. Like-for-like revenue growth (which strips out acquisitions) was 7%. In 2012, like-for-like revenue growth has been 5%.
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The warning on profits, however, has seen Creston drop 23% this morning. The stock is 37% down over the last 12 months.
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