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Gofore - Profitability slightly above estimates

Gofore’s adj. EBITA in H1 was slightly better than we had expected, at EUR 5.8m (Evli 5.5m). Revenue amounted to EUR 37.4m (pre-announced). Little direct impact of the coronavirus pandemic on the public sector client segment so far, private sector more affected.
  • Gofore’s H1/20 net sales amounted to EUR 37.4m (pre-announced), with sales growth of 11.7% compared to H1/19 figures. Growth was driven by organic growth and the acquisitions of Silver Planet and Mangodesign.
  • Adj. EBITA in H1 amounted to EUR 5.8m, slightly above our estimates (Evli EUR 5.5m), at a margin of 15.5%. EBIT amounted to EUR 4.0m (Evli EUR 3.7m), at a 10.8% EBIT-margin.
  • The coronavirus pandemic has had little direct impact on the public sector client segment so far, in the private sector some cancellations of projects and delays in development work have been seen.
  • Guidance (upd. Aug 10th): Gofore's net sales in 2020 are expected to be EUR 70-76m and the adjusted EBITA will grow compared to 2019.
  • The number of personnel at the end of the period was 610 (H1/19: 559).
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