You need to see the results in the context that the stock has depreciated around 10 or 11 per cent in the last month, so it’s pretty punchy. The numbers were pretty much what I expected. It’s no surprise that the US business is under pressure, as the company has a renewed focus on emerging markets.
GARETH DAVIES | NUMIS
The statement this morning was a little mixed. The underlying revenue trend is fine and broadly consistent with the first half of the year. Restructuring is progressing well. However, margin comments around the North American education business are a little disappointing.
MIKE VAN DULKEN | ACCENDO MARKETS
This was a disappointing statement including a profits warning, coinciding with technical resistance. While sales grew thanks to expansion and focus on higher growth areas, the US – which makes up 60 per cent of revenues - is posing problems. Restructuring and accounting changes are denting profits.