Flash note: Strong trading continues
SNP has raised its FY15 revenue guidance by c 8%, citing the continued very strong order book and an increase in project sizes. This indicates that business remains robust, in the wake of the hefty 68% organic revenue growth in Q2, and 18% in Q1. Following the Q2 results last month, we noted that the group had been experiencing strong demand for its business transformation consulting services and related software, and utilisation rates remained very high. Hence, we made significant upgrades to our EPS forecasts. We have not changed our forecasts at this stage, but will review them following the Q3 results on 30 October. Based on our existing forecasts, the shares continue to look very attractive on c 10x our FY17 earnings.
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