JAMES HAMILTON | NUMIS SECURITIES
In aggregate, the first quarter was a little better than we would have expected but at this point of the year we are not loking to change our forecasts and continue to look for 12.8 per cent revenue growth for the full year. IG is valued at 14.8 times this year’s earnings.
VIVEK RAJA | PANMURE GORDON
Despite these numbers missing our expectation, given the lack of visibility at this early stage of full-year 2011 trading, we are not putting through significant changes to our above-consensus estimates. [In the medium term] we think the risk to our estimates is upwards.
ISABEL GREEN | UBS
The first quarter was better than our forecast. Sales growth was strongest in Singapore, where it rose 52 per cent, and Europe, where it rose 46 per cent, but all regions showed good progress and we have moved our full-year 2011 earnings per share forecast up by two per cent.