ScS has delivered growth of 15-20% in the order book since it last reported 2 months ago, reflecting good performance in growth markets against weak comparatives. Brexit fears have not affected spending in their customer groups. With good delivery on gross margin and marketing the operational gearing should flow as we have previously highlighted (i.e. c35% drop through from additional sales). Today’s upgrades will therefore be of the order 10-15% (recognising that warmer weather, EUref and normalising comps from July make for a harder final 2 months). This takes incremental upgrades to c45% since we flagged unrealistic consensus assumptions last year. The rating is miserly on <3x EV/EBITDA so the shares have considerable scope to outperform. There is yield support too of 7.5%.