Revenue by region

The pattern of revenue growth differed regionally. The table below gives details of the proportion of revenue and revenue growth by region for the first six months of 2009:


 
 
 
 
Region
Constant
currency1
revenue
as a %
of total
Group

Reported
revenue
growth
09/08
%
Constant
currency1
revenue
growth
09/08
%
Like-
for-like2
revenue
growth
09/08
%
North America 35.8 29.6 (1.2) (10.1)
United Kingdom 12.3 13.1 13.1 (5.3)
Western Continental Europe 25.8 35.9 19.7 (10.5)
Asia Pacific, Latin America,
Africa & Middle East and
Central & Eastern Europe

26.1

27.6

11.5

(4.7)
Total Group
100.0 28.4 8.6 (8.3)3
1
Constant currency growth excludes the effects of currency movement.
2
Like-for-like growth excludes the effects of currency movements and the impact of acquisitions.
3
Gross margin (7.8%).

As shown above, on a constant currency basis, the Group grew at 8.6%, with like-for-like revenues down 8.3%. Geographically, the impact of the recession was most keenly felt in the US and Western Continental Europe in the first six months, with the UK and Western Continental Europe more affected in the second quarter, along with other regions. Only Latin America and Africa remained relatively unscathed, the only region or continent showing like-for-like growth in the first half. April, May and June showed progressive deterioration in like-for-like growth, although July showed some sequential improvement. The US, UK, Australia and New Zealand continued to be most affected along with Spain, Italy, The Netherlands, Denmark and Portugal in Western Continental Europe. In Central and Eastern Europe, only Poland and Russia showed like-for-like growth over the first six months. In Latin America, which was more affected in the second quarter, Brazil and Argentina still showed like-for-like growth in the first six months. In Asia Pacific, Australia and Japan continued to be difficult, although mainland China and India were less affected.

In the first half of 2009, over 26% of the Group’s revenues came from Asia Pacific, Latin America, Africa and the Middle East and Central and Eastern Europe, a similar percentage to last year and against the Group’s strategic objective of one-third.

Estimated net new business billings of £1.208 billion ($1.872 billion) were won in the first half of the year and the Group continues to benefit from consolidation trends in the industry, winning assignments from existing and new clients and being ranked amongst the leaders in the net new business industry tables.

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