Our six specific objectives:
2 Second, to continue to increase flexibility in the cost structure. Great strides have been made in recent years. Peak flexibility historically was in 2000, when variable staff costs made up 6.6% of revenues. At 7.4% in 2007, 7.7% in 2006, 7.6% in 2005 and 7.8% in 2004, we have seen new peaks; and once again we have a sufficient “shock absorber” in our cost structure for when revenue growth weakens, as it will do as a result of the current financial crisis. The decrease to 6.6% in 2008 illustrates the value of this flexibility as revenue growth started to tail off in the year, yet we were able to maintain an operating margin in line with the prior year.