MIKE ALLEN | PANMURE GORDON
There is a bit of downward pressure on the numbers and I think the US market will continue to be challenging into 2014 because of the shutdown. The firm said it will now use a single pool of capital to appraise all opportunities, which I think is a good idea. We’ll be cutting our numbers by around five per cent.
STEVE WOOLF | NUMIS
Organic growth slowed slightly during the third quarter due to weakness in developed markets. The shares have underperformed over the past month and we believe they continue to offer value as the new management team improves confidence with investors and key customers.
CAROLINE DE LA SOUJEOLE | CANTOR FITZGERALD
The third quarter update was a bit weaker than we had been anticipating. Margin pressures remain, with sales up but earnings in-line with last year. 2013 has been billed as “a year of consolidation” and this is reflected in our forecasts which remain unchanged at this stage.