The outcome of the financial year 2010/2011 has been impacted by the complex economic environment. Although satisfactory from a wider perspective, results have remained at the low end of the expectations of the different stakeholders of the firm. For the year 2011/2012, the Executive Board expects a return to revenue growth, fuelled by the strong Consulting, Tax, Financial Advisory and parts of Audit practices, although pressure on margins is likely to continue. On balance, net profits will most likely be flat.