Gofore: November data shows positive signs in organic performance - SEB

Gofore's November sales lagged slightly behind our estimate, as in October. However, we flag that on an organic and day-count adjusted basis the sales were flat y/y and the capacity utilization (daily sales / FTE) improved from previous year. Consequently, the margin pressure should gradually ease. All in all, our take is that the negative trends look to be ending, but it is still too early to make the call of recovery.

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