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Gofore: Strong organic growth continues in February - SEB

Gofore's February sales topped our estimate by 2% and organic growth remained strong at 22% (SEB est.). The recruiting side also looks strong and the number of employees and FTEs was also somewhat higher than expected. The daily invoicing rate was in line with our estimate, indicating that our margin estimate should be well founded. No major deals were announced and the company repeats its zero exposure to Ukraine or Russia. All in all, a slightly positive first read.

Gofore's February sales topped our estimate by 2% and organic growth remained strong at 22% (SEB est.). The recruiting side also looks strong and the number of employees and FTEs was also somewhat higher than expected. The daily invoicing rate was in line with our estimate, indicating that our margin estimate should be well founded. No major deals were announced and the company repeats its zero exposure to Ukraine or Russia. All in all, a slightly positive first read.
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