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Gofore: August sales data - a promising start for the Autumn season - SEB

Gofore's August sales came in 2% above our forecast and organic growth was around 22%, we estimate. The company continued to recruit more than we had input, which we continue to read as a positive indication for the coming months' sales. The daily invoicing/FTE was also slightly better than we had input. Yet, on a y/y basis the daily invoicing/FTE was flat, meaning that the margins are likely to remain under pressure. However, we expected declining margins.

Gofore's August sales came in 2% above our forecast and organic growth was around 22%, we estimate. The company continued to recruit more than we had input, which we continue to read as a positive indication for the coming months' sales. The daily invoicing/FTE was also slightly better than we had input. Yet, on a y/y basis the daily invoicing/FTE was flat, meaning that the margins are likely to remain under pressure. However, we expected declining margins.
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