Tim Rees Quotations

Overall, the results are ahead of expectations and it gives the company an argument to fight for in the ensuing debate which I think the shareholders are expecting.

Both results were ahead or at the top end of forecasts.

What one learns is to take these with a pinch of salt, but clearly events suggest that it would be wrong to be complacent.

This is clearly a pretty good performance in what's a seasonally quiet period. The fact that shares are down is simply a reflection of the previous good run the stock has had.

The issue of downloads cannibalizing the album is a perfectly valid concern.

I'm not in favor of hitting the panic button just because a sector is well out of favor.

I remain cautious. I wouldn't be surprised if demand assumptions get revised down in 2006 and with supply coming on, that's going to have a negative impact on commodities prices.

The market is trying to work out what kind of price people have to pay and whether it will cause other people to throw their hats in the ring. The situation has been kicked into play.