Creston, the market research and communications company, says a decline in ‘retained revenues’ has pulled down its like-for-like (LFL) performance.
In the firm’s first quarter, which began on April 1st, LFL revenue fell 7% on the same period of last year. Creston says the decline is down to the loss of repeat business in the final quarter of last year.
Across the various divisions, Communications performed ‘broadly in line with the prior year’, Health was marginally up as the sector stabilised following a very difficult period. The Insight unit, which includes the ICM Research business, ‘has continued to impact trading’. Rather ominously, today’s update says: ‘management will continue to review the business closely’.
Shares in Creston were down 5.6% at 11:35.