ScS is trading well, with LFL orders up 7.9% YTD. If there was any residual doubt that the weak trading in Apr/May last financial year was market related it should be eliminated today. The current growth rate ought to spike up in H2 against an extremely soft comp, which consensus forecasts do not currently assume. Our analysis suggests scope for a 5% beat on LFLs which, given operational gearing, could deliver PBT well in excess of £10m. The risk is therefore very much to the upside. News of a n ....
