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Gofore: Strong seasonally silent July - SEB

Gofore's strong growth track continued in July with reported growth at 44%, implying organic growth of around 30%. The sales topped our estimate by EUR 0.5m and with headcount broadly in line vs. SEB est. The daily invoicing/FTE was 8% above our forecast. However, we note that July is seasonally a very silent month and hence drawing too far-reaching conclusions based on the month's performance is difficult. Nevertheless, we think July sets a good start for H2.

Gofore's strong growth track continued in July with reported growth at 44%, implying organic growth of around 30%. The sales topped our estimate by EUR 0.5m and with headcount broadly in line vs. SEB est. The daily invoicing/FTE was 8% above our forecast. However, we note that July is seasonally a very silent month and hence drawing too far-reaching conclusions based on the month's performance is difficult. Nevertheless, we think July sets a good start for H2.
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