Siili’s Q1 headline numbers came in below our estimates. The sales declined y/y some 11% as the comparison period had still relatively strong numbers and timing of Easter impacted the number of working days. Siili continues to see improved client activity, but flags the overall uncertainty. Following the headcount reduction the company should be in good shape when the market picks up. The guidance is being repeated, implying turnaround in earnings momentum in the year end.

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