30 November 2011 – interim results and acquisition
Resilient figures for the half year to 30 September have been released. Revenue was up 14% to £36.5m (2010: £32.0m) and headline profit before tax rose to £4.8m (2010: £4.2m). Headline diluted earnings per share were 5.63p (2010: 5.06p). The interim dividend was lifted from 0.75p to 0.83p.
The acquisition of The Corkery Group, a New York based full service health and medical public relations company, has also been announced. The company specialises in product and issues communications for leading health organisations. Total initial cash payments amounting to US$6.0m (£3.8m) will be payable. This is immediately earnings enhancing and strengthens the Health division, complementing Cooney/Waters, the US healthcare communications specialist acquired by Creston last year. The Corkery Group will operate as a 100 per cent subsidiary and trading division of the Cooney/Waters Group. We rate Creston as a BUY.