20 April 2011 – trading statement
Insight and Communications group Creston has provided an update on trading for the year ended 31 March 2011. Performance was in line with the company’s expectations with revenue growth of 11% on a continuing group basis and 7% on a like-for-like basis.
The recently acquired Cooney/Waters and Alembic Health businesses have been performing better than anticipated, which is clearly good news. Operating cash flow has been ahead of expectations, resulting in a broadly debt free position at the year end. At 18 April 2011 the Group had net cash of £2.6 m after paying the initial cash consideration of £5.9m for Cooney/Waters and Alembic Health in December 2010. Final results are due to be released on 21 June and for now we retain our BUY recommendation.