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Gofore announces plans to cut its headcount to respond to the prolonged decline in market demand. We read the max 6% headcount reduction as a negative signal for current trading, confirming that the market turn is not behind the corner. However, Gofore has had overcapacity for some time and annual cost savings of EUR 7.6m (c. 4% of sales) should mean improving profit, even with more moderate sales.
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