SQS H1 results were in line with the July update. Revenues were down c.4% in Euro terms, but margins improved, and profitability was slightly ahead of last year - adjusted EBIT margins of 7.5% compared to the prior year’s 6.9%. We trim our full-year revenue estimate by 2.6%, but maintain PBT estimates. We continue to welcome the new medium-term EBIT margin target of 9%, c.150 bps above current levels. We reiterate our Buy and 650p Target Price.
