Gofore continued to deliver solid organic growth (SEB est. 25%) in May, with the monthly sales print in line with our estimate. As in April, the recruitment pace was faster than our input, which we continue to read as positive for the coming months. Daily invoicing/FTE was somewhat below our estimate, but given a significant volume increase we believe operating leverage will result in a solid margin performance for the quarter. We believe a neutral reaction is warranted.

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