"Looking ahead, the heightened level of political and economic uncertainty remains the primary feature of our trading outlook. Against this backdrop we will continue to focus on the Contract market, where we see attractive growth opportunities and which is more resilient in periods of economic uncertainty. As we have done in 2016, we will pay close attention to productivity and underlying costs.

We have shown in previous periods of uncertainty that we can optimise our performance. We will retain a prudent approach to planning and selective investment in growth, while preserving the agility to respond quickly to market opportunities as they arise, in the year ahead. Looking ahead, the Group's weighting towards the more resilient Contract market, where we continue to see good growth momentum, and our diversified portfolio of geographies and sectors, give us confidence that we can optimise our performance, whatever the prevailing market opportunity."