<strong>MATTHEW GERARD </strong>INVESTEC<br />After much publicised weakness in sports margins and a profit warning from Ladbrokes, this statement is much better than we had anticipated. We believe the weakness in sports margins is a temporary phenomenon and that this is a good opportunity to buy into a cash generative, strongly positioned UK leisure retailer.<br /><strong><br />NICHOLAS BATRAM </strong> KBC PEEL HUNT<br />No surprises that the third quarter has been tough, although retail has been more resilient than we had feared. However, online profits are below our expectations mainly due to margin weaknesses. Nevertheless, the group is coping better than Ladbrokes and has a more compelling online strategy.<br /><strong><br />PAUL LEYLAND </strong>COLLINS STEWART<br />We continue to believe that William Hill’s difficulties this year have been sports results and online timing-related, rather than anything more structural. The underlying evidence in this statement bears this out and makes growth next year highly visible.