Gofore’s Q3 sales and adjusted EBITA came in slightly below our estimates. However, sales were in line with Bloomberg consensus. September sales were slightly below our expectations and Q3 organic growth slowed to 1.5% (SEB est. 3%), with the DACH turnaround yet to materialise. Adjusted for the divestment, headcount was flat m/m in September, which we read as a soft signal for the Q4 growth we have pencilled in.
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