I think as the reality soaks in, the result's not disappointing, but it's not up 20 percent either. |
It's certainly not as radical as the headline number suggests, but it's a little bit softer than expected. |
We just didn't think the synergies were ever going to be as good as they thought (from the deal). The numbers they presented to the market were ambitious. |
Whatever way you cut it, it was a good result. But it was helped by strong hedging gains because sales were better than forecast. |