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Gofore Q3: EBITA misses on rising number of employees - SEB

Gofore's Q3 EBITA missed our forecast by 15% while sales were in line. At first read the miss owes to higher than expected employee take-up in September. Also the average personnel costs per employee grew more than we had anticipated. Our initial take is that the strong recruitment pace indicates that solid demand will continue in the short term. The pick-up in wages is worrying and prices need to be raised to maintain margin momentum.

Gofore's Q3 EBITA missed our forecast by 15% while sales were in line. At first read the miss owes to higher than expected employee take-up in September. Also the average personnel costs per employee grew more than we had anticipated. Our initial take is that the strong recruitment pace indicates that solid demand will continue in the short term. The pick-up in wages is worrying and prices need to be raised to maintain margin momentum.
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