Gofore's April sales came in some -3% below our estimate. Although the reported growth picked up to 17%, we flag that this is largely thanks to timing of Easter (day-count) and small tail of Creanex acquisition. The headcount remained flat and daily invoicing per FTE was some -3% vs. our estimate and also -3% vs. year ago. We think May will be a relatively solid month and the Q2 final performance is dependent on June, which will mark the start of the summer holiday season.

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