Ann: RXP Half Year Results Presentation, page-15

Generally you want to be careful with consultancy companies when there is big stuff going on in the general ecosystem of life. Typically consultants are hired to do (frankly) non-critical work. Much of the time it is "nice to have" work, otherwise they'd hire people to do it themselves and internalise the knowledge. This is probably a disputable point but it's been my experience of consultancies. So basically when the shit hits the fan consultants along with contractors are the first to get cut. This is fine in normal business times, companies go pop, they lose one client, shit happens. But when there is turmoil like we're seeing now. You're likely to have >1 client cut you from their payroll. Which is a massive issue.