Revenue is in line with our expectations with little change from the same period last year.
Contribution generated by the business divisions declined as a result of reduced profitability in Government and Business Services (GBS) as a result of the Comprehensive Spending Review 2010 (CSR 2010), significant reduction in core consulting in Management Consulting and losses in our Middle East business.
£120m contract wins in first half year, which includes the expansion of our partnership with Bournemouth Borough Council to deliver HR and Finance services and the securing of two highways and engineering contracts by EnterpriseMouchel in Croydon and in Enfield.
Order book and bidding pipeline, although reduced, remain strong at £1.16bn and £1.51bn respectively at 31 January 2012.
Banks are supportive and have agreed further amendments to our facility agreements to provide flexibility in the implementation of our restructuring plans.
All options are being evaluated to address the capital structure of the Group. Options include a significantly dilutive equity raise.