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Gofore: Organic growth slows to around 0% in December - SEB

Gofore's December sales were some 6% below our estimate with organic growth virtually halted. However, after the slowness seen already in November the result was not surprising. Looking at full quarter performance, Sales was also some 6% below our estimate. Also, the daily invoicing was somewhat softer than our estimate despite the company's net recruitment in December being negative. Hence, the reported sales data indicates margin pressure for Q4.

Gofore's December sales were some 6% below our estimate with organic growth virtually halted. However, after the slowness seen already in November the result was not surprising. Looking at full quarter performance, Sales was also some 6% below our estimate. Also, the daily invoicing was somewhat softer than our estimate despite the company's net recruitment in December being negative. Hence, the reported sales data indicates margin pressure for Q4.
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