Tag Archives: Creston

Triple trouble: stagnant revenue, no profit growth and over-expensive acquisitions

A week ago, a rash of big acquisitions prompted the notion that the acquirers were buying at recession riven prices in the expectation that an economic upturn was about to occur.

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Congratulations WPP – your share price has recovered to its 2001 level

It may seem hard to believe, but today we celebrate the resurgence of WPP’s share price to the level at which it stood 10 years ago – on 12 January 2001 or thereabouts.   Yes, it’s a fact.  WPP’s share price has remained depressed for a whole decade.

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Have aggregators had their day?

A few years ago it was fashionable for entrepreneurs in the marketing services industry to search out a company – probably already listed on the stock exchange – and transform it into a mini WPP Group by acquiring as many businesses as possible involved in supplying marketing services of one sort or another.

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Creston makes reassuring noises as revenues grew

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.

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Creston shareholders approve sale of DLKW

Shareholders in Creston this morning voted in favour of selling DLKW to Interpublic’s London agency Lowe & Partners.  The proportion of shareholders voting in favour has not been disclosed. (see Creston suffers book loss on DLKW sale to slash borrowings).

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Creston suffers book loss on DLKW sale to slash borrowings

As anticipated here last Friday, the publicly listed marketing group Creston has agreed to incur a loss on selling its above the line advertising agency DLKW to Lowe Group, a subsidiary of The Interpublic Group of Companies.  The deal is subject to shareholder approval.

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Rumoured sale of DLKW could be at a financial loss for Creston

Creston faces a book loss if, as rumoured, it sells the DLKW group of companies to Lowe or anyone else for less than the £34 million it paid for the group, but such a purchase price would seem generous in the current climate.

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Share prices of three marcoms companies have tripled since last year’s low

Further evidence – if ever it was required – that well regarded marketing services companies’ share prices run ahead of (and over-react to) underlying economic conditions is provided by the movement in their share prices since the stock market’s low point in March last year.

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Share price recovery exposes the weak

A year ago the stock market was at its lowest point for many years.   Not surprisingly, shares in marketing services companies had fallen even more sharply than most others, as investors worried about the sector’s particular vulnerabilities.  Recessions are always expected to hit marketing agencies more severely than most other type of business and the relatively small size of most marketing companies is perceived as an additional investment risk.

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