Gofore - Slight earnings beat

Gofore’s EBITA in H1 came in slightly above our expectations, at EUR 5.0m (Evli 4.8m). Revenue was pre-announced at EUR 33.4m, with the organic growth amounting to 16%. Gofore expects net sales in 2019 between EUR 67-72m (unchanged).
  • Gofore H1/19 net sales amounted to EUR 33.4m (pre-announced), with sales growth in at 35.5% compared to H1/18 figures. Growth was driven by the acquisitions of Solinor and Silver Planet. Organic growth amounted to 16%. The company’s international business net sales amounted to EUR 3.6m, corresponding to 10.7% of total net sales.
  • EBITA in H1 amounted to EUR 5.0m, slightly above our estimates (Evli EUR 4.8m), at a margin of 14.9%. Profitability remained on par with the company’s long-term target (15%) following the strong Q1 figures, as the Q2 EBITA-% fell to 12.6%.
  • Guidance: Gofore expects net sales in 2019 between EUR 67-72m (updated 10.7.2019).
  • The number of personnel at the end of the period was 559 (H1/18: 423).

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