In Q1, Gofore proved our point of its ability to keep margins at a healthy level despite weaker sales momentum. The EBITA margin came in at 13.8% vs. our estimate of 13.5% and EBITA was 2% slightly ahead of our expectation. March sales were clearly below last year, but this was largely due to day-count and timing of Easter. Pricing environment is tight, but utilisation improved toward quarter end. At first glance no need for material estimate changes.

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