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Gofore Plc’s Business Review 1-31 August, 2022: Market

Gofore Plc
Stock Exchange Release
8 September, 2022 at 13.15 p.m. EET
Inside Information

Gofore Plc’s Business Review 1-31 August, 2022: Market situation remained favourable, new agreements with e.g. City of Turku and Statistics Finland

In August 2022, Gofore’s net sales were 12.9 million euros (8.5 million euros in August 2021). The last 12 month (LTM) pro forma net sales were 135.2 million euros in August. The Group employed 1,086 (803) people at the end of the month.

CEO Mikael Nylund comments:

”Our business has taken off fast after the holiday season, and many significant projects that were confirmed in the spring will be starting in the near term. Our net sales grew by over 50% compared to August last year. We also saw new openings, such as with the City of Turku, who we will get to provide expert and consulting services in developing the city’s operating models and supporting systems into more human and business centric ones in a three-year period. 

In August, we also entered into a new frame agreement with the state forest enterprise Metsähallitus on Lean expert services for two years. Digitalising the land and forest industry is an important part of developing our society. We are also more and more known as a cyber security expert, and in August, we agreed on e.g. cyber security auditing and consulting services for two years with Statistic Finland.  

Our design knowhow was recently indirectly recognised, when our customer Tax Administration was awarded the Ornamo Award, a design award of the oldest community for design professionals in Finland, for deeply applying customer-centric design. Gofore has been involved in the Tax Administration’s services in user experience, user interface and accessibility design. The jury stated that the Tax Administration had applied benefits of design in a way that improves the trust of citizens, enterprises, and organisations towards society, which we also find an important goal.

The number of our employees grows further. We welcomed 48 new Goforeans that were recruited before the holiday season, and our recruitment outlook also looks positive for the rest of the year. As we mentioned in the half-year report, the attrition rate of our staff has come down this year, and we are very pleased with this.

Our operating environment remains favourable. Our private sector order book has continued to rise. The estimates we gave in the half-year report on our near-term risks and their direct impacts on Gofore remain the same. If you’re unfamiliar with them, it’s worthwhile reading up on both risks and market outlook in the half-year report.”

Key Figures

The numbers are unaudited.

Net sales, MEUR (Net sales 2021) 1 Pro forma LTM
Net sales 2
Number of employees at end of period 3 No. of working days in Finland Full Time Equivalent,
Subcontracting, FTE5
January 10.8 (7.5) 118.5 993 (727) 20 (19)      917 (697) 147 (109)
February 11.3 (8.1) 120.3 1,015 (736) 20 (20) 942 (698) 153 (111)
March 13.3 (9.7) 122.9 1,043 (792) 23 (23) 968 (735) 155 (118)
April 11.5 (8.5) 125.0 1,056 (791) 19 (20) 988 (743) 156 (112)
May 13,1 (8.8) 128,3 1,068 (799)   21 (20) 1,004 (755) 163 (109)
June 12.5 (9.1) 130.8 1,074 (803) 21 (21) 1,015 (755) 162 (108)
July 4.1 (2.7) 131.8 1,062 (797) 21 (22) 1,004 (746) 78 (38)
August 12.9 (8.5) 135.2 1,086 (803) 23 (22) 1,016 (746) 156 (105)

Unless otherwise stated, comparing figures presented in brackets refer to the corresponding period of the previous year. Devecto Oy’s figures have been consolidated into Gofore Group’s figures as of 3 January, 2022.  
1) Net sales, MEUR (net sales in 2021) indicates the unaudited net sales for the month in question.    
2) The last twelve months (LTM) pro forma net sales figure that the company uses tells the net sales for the Group structure of the time of reporting. The pro forma net sales include the impact of acquisitions and divestments and is unaudited. 
3) Number of employees at the end of the review period.   
4) Overall Capacity, FTE (Full Time Equivalent) figure shows the overall capacity of the Group’s personnel, converted into a value corresponding to the number of full-time employees. The figure includes the entire personnel, regardless of their role. The figure is not affected by annual leave, time-off in lieu of overtime, sick leave or other short-term absences. Part-time agreement sand other long-term deviations from normal working hours reduce the amount of overall capacity in comparison with the total number of employees. The personnel capacity of corporate acquisitions has been accounted for as of the date of the acquisition.
5) Subcontracting, FTE (Full Time Equivalent) figure shows the overall amount of subcontracting used in invoiceable work, converted into a value corresponding to the number of full-time employees. The subcontracting of the companies acquired by Gofore has been accounted for as of the date of the acquisition.

Gofore’s financial reporting

In its monthly business review, Gofore discloses its monthly net sales, last twelve-month pro forma net sales and number of employees with comparison figures, as well as other indicators that help evaluate the company’s growth strategy execution, such as the Full Time Equivalent (FTE) numbers that describe overall capacity and the ratio of subcontracting.  

In its quarterly business reviews, Gofore also discloses its EBITA, adjusted EBITA and EBITA-% for the quarter in question along with comparison figures, its organic growth number for the reporting period, and e.g. income statement and balance sheet.

Business reviews are published as soon as possible after the numbers are confirmed at the beginning of the following month, with the exceptions of January’s numbers, included in the full-year financial statements release, March numbers, included in the January-March review, and July numbers, included in the half-year report.

Further information:

Mikael Nylund
CEO, Gofore Plc
tel. +358 40 540 2280
[email protected]

Gofore Plc is a digital transformation consultancy with over 1,000 impact-driven employees across Finland, Germany, Spain, and Estonia – top experts in our industry who are our company’s heart, brain, and hands. We use our holistic service offering – consulting, coding, design, and verification – as tools to incite positive change. We care for our people, our customers, and the surrounding world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2021, our net sales amounted to EUR 104.5 million. In 2022, Gofore is celebrating its 20th anniversary. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Get to know us better at