Growth is only modestly below the trend of the past few years, although the danger of inflation remains, it noted.
The £7.5bn top-line was modestly below our £7.55bn forecast, with the UK and emerging markets weak as re-underwriting continued, and Canada and Scandinavia broadly in-line.
Yet the commission still projects that exports will grow 5.3percentt in 2008, only modestly below their 5.8percentt growth rate last year.
Our 2014 operating profit of £267.8m compares to management's guidance that 2014 operating profit would be modestly below 2013 levels, which we estimate will be around £300m.
The company said group profits for the year ended 31 March were expected to be "modestly below" the £230m-£245m it had forecast in September.
The big rallies in the 1950s and 1980s also began when the stock market's price-earnings ratio was modestly below the historical average.
It said profits would be "modestly below" the £230m to £245m range it had forecast in September, which it blamed on a weak performance from its sweeteners, corn syrup and industrial starches businesses.
Mr Bernanke said output growth could be "modestly below" its trend rate in the very short term, but made clear that he expected the economy to be growing at its sustainable rate within a year.
In addition to the management change, the VMware statement also said that it expected the company's revenue growth for 2008 to be "modestly below" its previous guidance of 50percentt — perhaps an indication, some analysts said, that VMware was slipping in its execution.
The researchers wrote that "The only category where the mean ages appear (modestly) below age 40 is when the firm has VC-backing.
At Triumph, we're especially intrigued that returns on capital, modestly below average over the past five years, surged ahead in the trailing 12 months.
