The CEO's View 

We are satisfied with a very creditable first half performance achieved in a market which, although much improved on the same period last year, is still some way from being fully recovered. Our year on year comparatives remain challenging given our average consultant headcount during H1 is still some way down on the same period last year. However, the fact that our current consultant headcount is 11% up on the end of 2009 reflects both the sequential improvements seen in recent months, which have allowed us to begin to rebuild established teams, as well as the staffing of our new international offices and teams addressing new market segments.

Having a strong sense of where the market is heading remains difficult, but on the basis of the currently available data we remain cautiously optimistic. That said, we are a debt-free, cash rich business with a long track record of consistent profitability and a highly experienced management team who are capable of dealing with whatever market conditions are presented to them. We are also a more diversified business by geography and by sector than at any time in our twenty four year history, increasingly exposed to markets with strong structural growth characteristics. This positions us extremely well both for the short and the longer term.