Investors sent shares in Creston (CRE) down 16 per cent after management warned that full-year figures would fall short of expectations. Tightened advertising budgets and currency movements weighed on the marketing communications group in the six months to 30 September, but adjusted pre-tax profits climbed 7 per cent to £4m.
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Creston's larger retail and consumer technology clients slashed marketing spending in response to weaker trading. Together with the weaker euro, that meant like-for-like revenues only rose 1 per cent. Underlying sales rose 4 per cent to £28m in the key communications division, but they slid 6 per cent in the health business as clients clamoured for patient-focused campaigns.