Update: A Splendid deal
Creston’s trading update confirms that consensus forecasts for FY15 have been met. It has also announced the acquisition of How Splendid, which specialises in managing the digital user experience. The cash deal (£8.7m for 51% initially, with call options for the balance over the next three years) is expected to be earnings enhancing in FY16. Splendid ticks a lot of boxes – extending the range of digital marketing services; bringing in longer-term consultancy income; adding clients and increasing opportunities to cross-sell. The management team is staying and adopting the group’s Unlimited branding. Creston’s shares remain at an unjustified discount to peers.
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