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.
More Quotes from Geoff Miller:
The rugby lads won the World Cup and from then things haven't gone quite as they would have wanted since then,Geoff Miller
This year profits are going to be down on last year but most of them will still make money.
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Better performance fees than we were expecting have driven the earnings number sharply higher.
Geoff Miller
It's extraordinary ... People were saying this business has gone ex-growth. The shares look firmly underpinned at current levels.
Geoff Miller
They have the opportunity to increase their share of the futures brokerage business ... They may be able to pick up clients and individuals who work at Refco.
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