Gofore delivered Q2 profits ahead our estimates (sales already reported) thanks to a lower than expected increase in average salary. The pricing environment remains tight and Gofore's average prices were down -1%. The company is seeing positive activity in its sales pipeline, but impacts are likely tilted toward the year end. All in all, the company continues to deliver solid margins in a tough market situation and we see Gofore being well positioned for a market pick-up.
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