Bob Willott on the Bottom Line

Creston makes reassuring noises as revenues grew

By Bob Willott July 26 2010, 7:40 am 4 Comments
Tagged: Creston, DLKW, Interpublic, public companies

Creston announced this morning that the group had achieved “like for like” revenue growth of 11% in the quarter to 30 June, excluding the results of DLKW Group that was sold to The Interpublic Group earlier this month.

The group also reminded the market that the sale of DLKW had resulted in a cash balance of £1 million at completion and that it still had an unused bank facility of £25 million.

What Creston did not remind the market was that its £25 million bank facility will reduce to as little as £9 million depending on how much of the DLKW sale proceeds are reinvested in other acquisitions within six months. Nor did Creston remind the market that the sale of DLKW had helped alleviate the £28 million excess of short-term liabilities over its readily realisable assets at 31 March. (See Creston suffers book loss on DLKW sale to slash borrowings.)

Chris Arnold

http://www.facebook.com/fordescape
(TEST FROM FB) Today’s the final day of the Escape National Challenge! Decode the secret message to uncover a hidden URL with the Escape reveal video to be eligible to win a $3,000 Living Social Escape.
Using the GoldRun Application, hold up your phone to the image to decode the message and see the all-new Escape!
Download GoldRun on iTunes: http://itunes.apple.com/us/app/goldrun/id396800792?mt=8
Chris Arnold

17,602, just 492 more people have joined the FB site 24 hours later. Not impressive.
Chris Arnold

3 days later - 17,910 on Facebook, just 300 more. Ummm…not exactly a social media success.
Chris Arnold

One week later and Facebook numbers are… (roll of drums) … 18,355 up 445.
Not good news for Ford’s social media agency me thinks.