Last year, for the first time, we set out a common set of measures and targets by which key stakeholders can begin to evaluate our progress on our commitment to deliver the highest standards of responsible business practice. I am proud of the enthusiasm with which our teams have pursued these targets, building on the excellent work that, in many instances, was already underway in our businesses. Based on the progress that we have made in the last year, we have set further goals for the year ahead which, along with our progress report, are detailed in the Acting Responsibly section of this Report.
The Board is proposing a final dividend of 8.8 pence per share for payment on 1 March 2010. This brings our total dividend to 13.2 pence, a year on year increase of 10%.
I am delighted to welcome Don Robert to the Board. Don joined the Board in May of this year and is the Chief Executive Officer of Experian plc. I would also like to express my thanks to Sven Kado, who retired from the Board on 5 February 2009, for his contribution over the years.
As I stated when I became Chairman three years ago, strong leadership is the key to the long-term success of any business. The results we have achieved in the last three years and the platform for growth that we created are a testament to the stability and strength of the Board, the Group’s Executive Committee, led by our Chief Executive Richard Cousins, and our leadership teams around the world. This will continue to be an important area of focus for me.
Wherever I go in the world, I continue to be impressed by the dedication, commitment and skills of our people. It is through their efforts that we earn the loyalty of our clients and we drive the performance and growth of our business. On behalf of the Board, I offer my sincere thanks to each and every one of our people for what they continue to achieve.
The Group’s core strategy remains focused on food and, increasingly, support services. Whilst in the short-term the prevailing economic conditions are likely to continue to impact organic revenue growth, we are encouraged by the strength of the new business pipeline. In the medium-term, the Group is set to enjoy the combination of structural growth in outsourcing and, as the global economies recover, a cyclical upswing in demand. In parallel, the continuing management of the flexible cost base and the ongoing focus on MAP should deliver further cost efficiencies and margin progression. In addition, the strength of the cash flow and balance sheet is enabling us to continue to reward shareholders and to accelerate growth through value creating infill acquisitions.
Sir Roy Gardner
Chairman
25 November 2009
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