Gofore Q2: Profitability below estimates as salary inflation weighs – SEB


Gofore’s Q2 profitability missed our estimate as the June sales were some 3% below and the salary inflation during the quarter rose to 5.4% (SEB est. 3.8%). The June headcount was in line with our estimate, but organic growth declined to 21% (SEB est). We have forecasted 20% organic growth for Q3 and our first read is that there should not be material top line estimate pressure. However, the salary inflation forecast needs to be reassessed.


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