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Gofore: Another small sales miss in February - SEB

Gofore continued to post sales slightly below (-3%) our estimate in February; however, capacity (headcount and subcontractors) was in line with our estimate. In fact, the company's headcount declined marginally m/m (third consecutive month), which is the best leading indicator for short-term sales momentum. We also emphasise that March is likely to be soft, due to the timing of Easter and a very strong comparison period. All in all, our take is neutral to slightly negative.

Gofore continued to post sales slightly below (-3%) our estimate in February; however, capacity (headcount and subcontractors) was in line with our estimate. In fact, the company's headcount declined marginally m/m (third consecutive month), which is the best leading indicator for short-term sales momentum. We also emphasise that March is likely to be soft, due to the timing of Easter and a very strong comparison period. All in all, our take is neutral to slightly negative.
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