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Gofore: April sales 3% below our estimate - SEB

Gofore's April sales were somewhat below our estimate. We estimate organic growth to have slowed to 20%, partly explained by day count. Net recruitment topped our estimate clearly. Although this has a negative impact on the month's daily invoicing per FTE, our impression is positive: we are confident that the recruitment pace acts as a good indication for near-term growth. All in all, our first take is neutral.

Gofore's April sales were somewhat below our estimate. We estimate organic growth to have slowed to 20%, partly explained by day count. Net recruitment topped our estimate clearly. Although this has a negative impact on the month's daily invoicing per FTE, our impression is positive: we are confident that the recruitment pace acts as a good indication for near-term growth. All in all, our first take is neutral.
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