Creston on track for full year

Communications group Creston confirmed that headline pre-tax profit for the full year is expected to be in line with company expectations.

In an update on trading for the year ended 31 March 2012 it said full year revenue is expected to reach £75m, up 11% from the previous year. Like-for-like revenue is marginally ahead of the same period last year.

Creston, which posted a profit warning in January, said it has now completed the necessary actions to reduce its operating costs.

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Operating cash flow remains good and after funding the initial cash consideration of £3.8m for The Corkery Group acquisition and the cash charges for the restructuring, start-ups and acquisition related costs, the group expects to be broadly debt free at the year-end and in a net cash position as at 27 April 2012, both ahead of expectations.

Creston said its most recent acquisition, The Corkery Group, is performing well.

CJ