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Gofore Q1: Profitability again better than expected - SEB

Gofore continued to surprise positively as Q1 EBITA came in somewhat above (8%) our estimate. The positive deviation owes to operational leverage (other operating costs) and slightly lower personnel expenses / employee (salary inflation). March sales topped our estimate by 1%, implying roughly 30% organic growth. At first glance a solid report, which leaves our conservative estimates for the rest of the year looking shy.

Gofore continued to surprise positively as Q1 EBITA came in somewhat above (8%) our estimate. The positive deviation owes to operational leverage (other operating costs) and slightly lower personnel expenses / employee (salary inflation). March sales topped our estimate by 1%, implying roughly 30% organic growth. At first glance a solid report, which leaves our conservative estimates for the rest of the year looking shy.
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