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Gofore: October sales slightly below our expectation - SEB

Gofore's sales in October grew 28% y-o-y, which we calculate means c. 18% organic growth. The month's sales were close to 3% behind our expectation. However, the company took more cautious stance in recruiting: the total FTE was also below our estimate and the daily sales per FTE was just 1% below our estimate. Summing up, we find that October confirms the growth pace is gradually slowing , which we have been expecting for some time.

Gofore's sales in October grew 28% y-o-y, which we calculate means c. 18% organic growth. The month's sales were close to 3% behind our expectation. However, the company took more cautious stance in recruiting: the total FTE was also below our estimate and the daily sales per FTE was just 1% below our estimate. Summing up, we find that October confirms the growth pace is gradually slowing , which we have been expecting for some time.
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