Gofore reported Q2 EBITA (adj.) somewhat (EUR 0.7m) ahead of our estimate driven by lower-than-expected personnel expenses. The average customer prices turned in growth after decline in Q1. The July (seasonally low month) saw sales coming in slightly ahead and the headcount continues to decline, which we read as a positive signal for H2 margin improvement. Overall, no major surprises at first glance and we see the small beat as a relief.
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