Geoff Miller Number Quotations

Better performance fees than we were expecting have driven the earnings number sharply higher.

We are likely to upgrade our 2006 numbers slightly as a result, and do not believe that the shares look expensive relative to the peer group, once allowance is made for the cash on the balance sheet.

The numbers were mostly in line with what we were expecting. We've marginally upped our profit forecast to just above 25 million pounds and are holding our overweight recommendation.