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Gofore Q3: EBITA 9% ahead our estimate, September sales slightly below - SEB

Gofore posted better than expected profitability for Q3 as the EBITA margin came in at 11.5% vs. SEB est. of 10.4%. The strong profitability was thanks to cost control and lower than expected use of subcontractors. The organic growth in Q3 was 20%, which stands out in the struggling Finnish digital consulting market. The September sales were slightly below our estimate, but daily invoicing/FTE shows still positive trend vs. previous year. Positive first read.

Gofore posted better than expected profitability for Q3 as the EBITA margin came in at 11.5% vs. SEB est. of 10.4%. The strong profitability was thanks to cost control and lower than expected use of subcontractors. The organic growth in Q3 was 20%, which stands out in the struggling Finnish digital consulting market. The September sales were slightly below our estimate, but daily invoicing/FTE shows still positive trend vs. previous year. Positive first read.
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