Despite the slowdown at the end of the year, revenue rose by 4% over full-year 2009 while attributable adjusted net profit increased by 18%. In a backdrop of global recession, our businesses generally resisted well thanks to their recurring nature and further growth in emerging markets, which now account for more than 40% of revenue. We acted rapidly to adapt our organization, control costs and improve performances in terms of margins and cash flows. As a consequence, since the IPO, that is to say over 2006-2009, attributable adjusted net profit rose by an average annual 19%.  

In 2010, we expect organic growth to be restored gradually during the second half as soon as the decline in cyclical businesses has stopped. We aim to maintain our operating margin over the full-year 2010, notably via streamlining of the portfolio of activities and the gradual roll-out of new automated production processes. We will use our high cash-flow generation to actively resume our acquisitions strategy.  

Further out, structural growth factors in our industry remain intact: the multiplication and strengthening of QHSE regulations, the privatization and outsourcing of control and inspection operations and the globalization of commercial trade. Our strategy is to focus organic investments on sectors that offer high potential, such as nuclear, offshore energy and green buildings, and to continue to be the reference consolidator of the industry, while maintaining a high level of operating profitability.

Frank Piedelièvre, Chairman and Chief Executive Officer