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Gofore: November sales data slightly better than expected - SEB

Gofore posted promising November sales data with sales some 1% above and utilization above our estimates. The day-count adjusted sales were flat y/y, marking and end to the small decline seen in the past quarters. The management commentary on client activity is however two-sided: Gofore announces a significant in DACH region (international business has been underperforming lately), but at the same time one large client project is being cancelled. All in all, our read is neutral to positive.

Gofore posted promising November sales data with sales some 1% above and utilization above our estimates. The day-count adjusted sales were flat y/y, marking and end to the small decline seen in the past quarters. The management commentary on client activity is however two-sided: Gofore announces a significant in DACH region (international business has been underperforming lately), but at the same time one large client project is being cancelled. All in all, our read is neutral to positive.
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