Churchill has reported an excellent set of interims, delivering 22% PBT growth vs a stiff 31% comp. Key tenets of this growth were geographical diversity and continued sales momentum of value-added products. Looking forward, the business is trading well, investing appropriately, strengthening the international platform and, in our view, European growth should continue to prosper under either Brexit scenario. We further nudge up our 3 year EPS forecasts by 1-4% and argue for fair value towards 1250p.
