Update: Q3 organic revenue growth was c 80%
Activity at SNP Schneider remains extremely busy with Q3 organic growth of around 80%, which was even higher than the 68% achieved in Q2. However, we expect this will be the peak growth rate in this cycle as the comparatives become more challenging. Nevertheless, demand remains very strong and utilisation rates remain exceptionally high, supported by an order backlog up 92% at €20.0m. We have adjusted our forecasts and our earnings forecasts move up modestly in FY16 and FY17. Hence, the shares continue to look attractive on c 14x our FY17e earnings.
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