I’ll reply here now, and @Sijoittaja-alokas or @Verneri_Pulkkinen can move this to the Vincit thread if they wish.
In our estimation, wage inflation is only a small part of the recent challenges in Vincit’s US business; the biggest challenge is weak customer demand in the company’s focused customer segment. Historically, Vincit had many small technology sector clients in the US, who then began to reduce headcount. Then, about a year ago, the company began focusing in the US not only on technology sector clients but also on more traditional sectors and larger, more “financially sound” customers. Additionally, there have been major changes in Vincit’s US organization over the last couple of years (the US head has changed, the sales organization has been restructured, the customer strategy has changed as mentioned, etc.). Thus, customer demand has been the primary reason for the weakness, and to address this and improve positioning, the company has now taken several corrective measures. However, clear uncertainty remains regarding the timing and strength of the turnaround.