Creston plc (CRE.L) reported third-quarter revenue growth of over 22 per cent from the same period last year. Like-for-like revenue growth for the quarter was 7 per cent, compared to the same period in the prior year.
Despite this revenue growth, the Board's forecast for Headline PBIT for the full year is lowered to be slightly below that of the prior year. The company noted that the anticipated reduction in Headline PBIT is as a result of a shortfall in fourth quarter new business, the costs associated with staffing-up to service the expected increase in revenue, client projects being delayed until the new financial year and operating losses associated with the start-up ventures in the year.
Looking ahead, the company said that, although the full year like-for-like and reported revenue growth is expected to be positive, fourth quarter revenue will be lower than the Board's expectations.
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