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Margin objectives

Our 2008 budgets indicate organic revenue growth greater than the 4% of last year at this time, equally balanced between first and second halves, and skewed to greater growth in marketing services. The operating margin objective for 2008 is 15.5% and 16.0% for 2009. In 2009 we will announce objectives for 2010 and 2011.

2008 should, in theory, be an even better year for the industry, despite the financial climate. In February, when we announced our results for 2007, we gave guidance on life beyond 15%, to 16.0% in 2009 and how we might improve further our margin to 19%, or 20% under 2004 UK GAAP. This is not so outrageous as some believe, given that our best-performing companies in each services sector already perform at a combined Group margin of 17%.