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Gofore Q1: Successfully managing profitability in soft environment - SEB

In Q1, Gofore proved our point of its ability to keep margins at a healthy level despite weaker sales momentum. The EBITA margin came in at 13.8% vs. our estimate of 13.5% and EBITA was 2% slightly ahead of our expectation. March sales were clearly below last year, but this was largely due to day-count and timing of Easter. Pricing environment is tight, but utilisation improved toward quarter end. At first glance no need for material estimate changes.

In Q1, Gofore proved our point of its ability to keep margins at a healthy level despite weaker sales momentum. The EBITA margin came in at 13.8% vs. our estimate of 13.5% and EBITA was 2% slightly ahead of our expectation. March sales were clearly below last year, but this was largely due to day-count and timing of Easter. Pricing environment is tight, but utilisation improved toward quarter end. At first glance no need for material estimate changes.
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