Update: Underlying FY16 guidance edges up
Provisional FY15 revenues and profit are in line while the new FY16 guidance suggests a small upgrade. FY15 was a year of strong growth for SNP, helped by a prestigious contract to carve out the ERP systems of the demerging Hewlett-Packard. The group has benefitted from a greater number of projects while margins rose on the back of increased project complexity. Our new FY16 forecasts include the two recent acquisitions, along with a 1.6% underlying revenue increase to put our FY16 revenue at the mid-point of the new guidance. Employee numbers have doubled over the year to c 600 and as there is no sign that the activity is slowing. Hence, we continue to believe the shares are attractive on c 16x FY17e earnings.
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