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Gofore: Another busy month - SEB

Gofore delivered EUR 12.5m of sales in June, exceeding our estimate by 1.8%. Also, organic growth was higher than we had estimated, as it was in April and May, we believe. Total sales in Q2 were EUR 37.1m, 3.6% above our estimate. However, daily invoicing per total FTE was a bit behind our estimate and 1% year-on-year growth is not enough to exceed cost inflation, we believe. However, we believe that the acquisition impact explains part of this difference.

Gofore delivered EUR 12.5m of sales in June, exceeding our estimate by 1.8%. Also, organic growth was higher than we had estimated, as it was in April and May, we believe. Total sales in Q2 were EUR 37.1m, 3.6% above our estimate. However, daily invoicing per total FTE was a bit behind our estimate and 1% year-on-year growth is not enough to exceed cost inflation, we believe. However, we believe that the acquisition impact explains part of this difference.
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