Gofore Plc
9 July 2025 at 6 pm EET
Other information disclosed according to rules of the exchange
Gofore Plc’s Business Review for June 2025: June net sales 13.2 million euros
Gofore’s net sales were 13.2 (14.2) million euros in June 2025. The 12-month pro forma net sales were 179.6 million euros. At the end of June, the group employed a total of 1,390 (1,453) people, excluding employees laid off as a result of change negotiations.
CEO Mikael Nylund:
“June net sales were 13.2 million euros. Utilisation rate improved from May, indicating both a slightly better work situation and the impact of restructuring from change negotiations.
In the January-March interim report, we discussed the delivery challenges encountered in the early part of the year. To prepare for a potential interruption of one project, we have made a write-down of 0.85 million euros affecting June net sales, without which net sales would have been 14.1 million euros. Otherwise, we do not see a risk of write-downs in projects exceeding the workload.
In June, we achieved excellent wins in the Digital Society sector from our existing customers. The largest agreement won was a wide framework agreement tender from the Digital and Population Data Services Agency, with a total value of 250 million euros. Following our announcement on June 11, 2025, we were also selected for the software testing area.
This agreement period is five years, but agreements made within this framework can last until the end of 2031. In procurements, a priority order by area is followed. In the areas where Gofore was selected, the anticipated total values and number of suppliers were:
– NodeJS and Typescript/Javascript development 107 million euros, with six other suppliers, Gofore in 3rd place.
– JVM SpringBoot and Kotlin and Java development 80 million euros, with five other suppliers, Gofore in 2nd place.
– Software testing area 34 million euros, with two other suppliers, Gofore in 2nd place.
The Finnish Centre for Pensions (ETK) has chosen us for a second consecutive five-year contract as its agile software development partner. In ETK’s diverse and ongoing development work, Gofore’s agile digital services development model combines with ETK’s Scrum model. The total value of the new agreement is some five million euros; about one million euros per year.
The Patent and Registration Office also selected us to continue as a partner for architecture services. The value of this agreement is also five million euros over a five-year period.
In this report, we present the number of employees, 1,390, and capacity, 1,313 FTE, as it actually stands following the implementation of the change negotiations that concluded at the beginning of May. Everyone subject to restructuring have been fully deducted from the number of employees and capacity, even though not all employments have yet ended.
The savings realised from the change negotiations amount to 6.1 million euros annually. For this year, we estimate savings of 2.4 million euros starting from August. The costs related to the implementation of the change negotiations for the second quarter, including the salary costs for the notice periods of the dismissed employees, will be recorded in full in the second quarter, and we estimate them to be 1.2 million euros. These costs will be classified as restructuring costs and will be adjusted from the operating result (adjusted EBITA).
As many may have noticed, we continued to execute our growth strategy by completing our latest acquisition in early July. On 4 July 2025, we signed an agreement to acquire the entire share capital of the technology company Huld. The acquisition is expected to be completed by 1 September 2025, once it has been approved by the competition authority. The debt-free price of the shares is 54.5 million euros, and the purchase price is estimated to be around 41 million euros, depending on the balance sheet at the time of the transaction.
The acquisition of Huld strongly supports Gofore’s strategic objectives and both its position as a provider of Intelligent Industry services and as a contributor to Finnish and European security. We will share more about this in our half-year report on 14 August 2025, and in the meantime, you can read more about it in our stock exchange release.”
Stock exchange release on 4 July 2025:
https://gofore.com/en/news/inside-information-gofore-acquires-technology-company-huld-significantly-growing-its-position-in-intelligent-industry-and-security-sectors/
Key Figures
The numbers are unaudited.
|
Month |
Net sales, MEUR |
Net sales, |
Number of employees |
No. of working days |
Own capacity, |
Subcontracting, |
|
January |
15.6 (16.9) |
184.9 |
1470 (1463) |
21 (22) |
1387 (1372) |
148 (147) |
|
February |
14.8 (16.3) |
183.3 |
1470 (1461) |
20 (21) |
1381 (1372) |
144 (149) |
|
March |
16.1 (16.0) |
183.4 |
1469 (1456) |
21 (20) |
1379 (1371) |
150 (160) |
|
April |
15.5 (17.0) |
181.8 |
1470 (1456) |
20 (21) |
1388 (1372) |
163 (155) |
|
May |
15.5 (16.8) |
180.5 |
1472 (1455) |
20 (21) |
1381 (1369) |
163 (159) |
|
June* |
13.2 (14.2) |
179.2 |
1390 (1453) |
20 (19) |
1313 (1368) |
149 (143) |
* The June number of employees and own capacity has been reported anticipating the total impact of dismissed employees.
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, as well as other indicators that help track the company’s growth strategy execution with comparison figures, such as the Full Time Equivalent (FTE) numbers that describe overall capacity and the ratio of subcontracting. Gofore publishes IAS34 compliant interim reports quarterly.
Gofore’s financial communications calendar for 2025 is available on Gofore’s IR website at https://gofore.com/en/invest/investor-calendar/.
Further information:
Mikael Nylund, CEO, Gofore Plc
Tel. +358 40 540 2280
mikael.nylund@gofore.com
About Gofore Oyj
Gofore is an international digital transformation consultancy with Finnish roots. We employ nearly 1,500 experts across 18 locations in Finland, Germany, Austria, Spain, and Estonia. With our technology and business expertise, we work for functional, secure and equal services for the digital society and sustainable solutions for the intelligent industry. Our diverse group of professionals share a pioneering ambition to create a more humane and responsible digital world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2024, our net sales amounted to EUR 186,2 million. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Our vision is to be the most significant digital transformation consultancy in Europe. Discover more about us at gofore.com