Revised margin objectives
Operating margins for 2009 are targeted to be flat at 14.3%, including a full year of TNS, equivalent to the 15.0% achieved in 2008. Operating margin targets have, therefore, been reset at 14.8% for 2010, equivalent to 15.5%, pre-TNS. In the longer term, we continue to believe we can improve our operating margin to over 18% including TNS, equivalent to the previous target of 19%, excluding TNS. This is challenging, of course, but 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%.