Update: January headwinds
Continuing strong new business wins over the first nine months of Creston’s financial year have not been sufficient to offset the revenue impact of project delays and retrenchment of some client budgets in Q4. The group’s underlying positioning, with its broad spread of clients and capabilities, is sound, its cash conversion is strong and the balance sheet is only likely to show c £0.5m net debt by the March year-end. These short-term revenue setbacks will dampen the rating until more consistent delivery starts to come through.
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