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Thanks everybody for your help. We are still figuring out why the click rate in WMT has dropped but we discovered the main reason of our traffic drop. Our external advertising company had added a Analytics tracker in an external script which was interfering with the normal measurements. When I checked the codes last week with the Chrome plugin everything was fine but I was visiting the site with my Ad blocker activated (so the external script wasn't called). When I visited the site today with Ad block de-activated it indicated that our tag wasn't measuring. The external tracking code was removed & traffic went back to previous levels (it's a bit scary to realise that about 50% of our visits have the ad blocker activated) Dirk