Conclusion
Good Q3 likely, supportive comments from peers. Digia's Q2 report was strong, driven by relatively resilient sales and higher margins, thanks to the COVID-related savings from travel etc. In Q3, we expect a bit more pressure on revenues from delayed start of consulting projects, but no dramatic change to the worse. The "COVID-savings" should have continued. The read-across from peers is positive, with TietoEVRY restoring guidance yesterday (pro forma adj. EBIT to grow in 2020) and Gofore reporting acceleration in organic growth towards end of quarter. We met with Gofore on Monday and got the impression that demand especially in the public sector (up to 30% of Digia's sales) is good, and also in the private sector there is no broad-based weakening, rather individual customers postponing projects.
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