QuickView: New growth strategy is taking effect
In early October, SNP 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. SNP has been experiencingstrong demand for its business transformation consulting services and related software, and utilisation rates remain very high. The Q2 operational highlight was an extensive co-operation agreement with SAP, which we believe will help to drive growth. Based on our forecasts, revised after the Q2 results, the shares look very attractive on c 11x our FY17 EPS.
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