Sprue has delivered a better trading performance in H1 2016 that it had flagged in the AGM statement last month. The adj. LBIT of £0.9m (post a £0.2m restructuring charge) was significantly lower than the £1.9m it had previously expected to only slightly beat due to better trading than anticipated in June. Ahead of the interims in late September, we make no changes to our adj. PBT, EPS or DPS forecasts. Given we see a continued recovery, we increase our TP to 250p (vs 200p)
