Margin accretion - against the backdrop of what a lot of anecdotal evidence is pointing to a tough operating environment - is quite credible. Suggests that the contract pricing part of their business - clearly one of the most mission critical bits - is something they are getting right. I went from thinking in recent weeks about selling my shares in SRG, to ending up buying more shares this morning. It happens like that sometimes. Two years ago, I used to think, "quality-wise, a 4 out of 10 business". Developments since then have caused me to upgrade to a score of 5 out 10 quality business. Which is being valued like a 3 out of 10 business. .
(20min delay)