- Referring to cost reduction/restructuring as cost transformation
- Referring to staff retrenchment payment as leaver costs
- Exceptional gains/costs as specific items
- Economic downturn as economic headwinds
Revenue in Global Services was up on an underlying basis excluding transit, up 3%. A big part of that however, whilst it was on any metric a significantly improved performance, was due to a milestone recognition which came forward from Q3 into Q2. Basically we delivered really well and we accelerated the recognition into Q2. That was worth £60m. Excluding that milestone basically, revenue was flat. As I said, that's quite an improved performance from previous quarters, but it did come out of Q3.
Very few CEOs would prominently highlight that(instead leaving it to the analysts to pick it out from the notes or speculate), and that took up my respect for them by a few notches. Still, their surprising choice of vocabulary does not change with this.