Gofore delivered Q4 EBITA slightly ahead of our and the consensus estimate driven by other operating income. Like-for-like customer prices remained flat y/y and the company delivered 3% growth in public sector revenue (which should be organic, we believe). Hence, our first read is that Q4 indicates a turnaround has started. January sales were in line and based on outlook commentary, we think the worst is over. Neutral to positive reaction warranted.
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