<strong>FIONA ORFORD-WILLIAMS </strong> EDISON INVESTMENT RESEARCH<br />Marketing spend is still heavily constrained, with continuing pressure on fees, but it does look like a base level is being reached and comparatives are becoming easier. The group is sensibly using its strong balance sheet to invest in new offices ahead of any market improvement.<br /><br /><strong>CLAIRE ENDERS </strong> ENDERS ANALYSIS<br />The results were better than most in the industry. I think this is because they are more specialised in what they do, being known as a creative<br />powerhouse. It shows that having a focus on doing something exceptionally well is a bulwark at times like these.<br /><br /><strong>PAUL RICHARDS </strong>&nbsp; NUMIS SECURITIES<br />The interim results are in line with our forecasts. Despite the challenging economic environment the company has continued its strategy of investing in new geographies (Geneva, Sao Paolo &amp; Tokyo) and the early signs are promising. Whilst we expect advertising spend to remain under pressure for the rest of 2009, we think this has been priced into the shares.<br />