Company Announcement 16.3.2021

Gofore Plc: Gofore Plc’s Business Review 1–28 February 2021: Strong growth in February


Gofore Plc’s Business Review 1–28 February 2021: Strong growth in February

Gofore Plc’s net sales in February 2021 were EUR 8.1 million (2020: EUR 5.9 million). The Group had a total of 736 employees (578 employees) at the end of the period.

CEO Mikael Nylund comments:

“We’re starting the year stronger than ever before. Over the past year, our capabilities to help our customers in their digital transformation have deepened considerably, especially with expert services for digital quality assurance and people-driven digital transformation. Our team had 158 more people at the end of February than in the corresponding period in the previous year. Additionally, our team was strengthened further by CCEA’s some 50 experts in the beginning of March.

The acquisition of CCEA Ltd, announced in February, increased Gofore’s capability to lead integrated technology and people-driven transformation, and to help customers succeed even in the most demanding transformation projects. Our customers will benefit from our even stronger and far-reaching support in implementing their digital transformation.

The customer front has been active during the beginning of the year. The Ministry of Social Affairs and Health in Finland selected us as the provider of the maintenance and development for the occupational safety and health administration’s information system and other ICT development. The five-year framework agreement continues our long and well-functioning cooperation with the occupational safety and health administration.

In March, the Finnish Centre for Pensions decided to increase its service procurement and will utilise an additional agile team from Gofore. The team will work with, among other things, the development and maintenance of information systems, the implementation of software components and support services. The procurement adds to the existing five-year framework agreement, announced on 3 September 2020. It is inspiring to see that the importance of agile development methods has been widely recognised in different customer segments.

In March, the Finnish Tax Administration selected Gofore’s management consulting services for an extensive framework agreement to support the development of its operations. The aim for the Finnish Tax Administration is to gain support for a broad understanding and application of a new company culture and management as well as methods of agile development.

In addition, in January, the Finnish Tax Administration selected Qentinel Finland, part of Gofore, as the primary provider of technical project manager services supporting the development and maintenance of information systems for a six-year framework agreement. It is great that, for our part, we get to be involved in ensuring that public administration in this area also provides accessible and operationally secure service for all Finns.

Gofore is also among the partners selected to implement the change programme and the health and social services reform of the Päijät-Häme Joint Authority for Health and Wellbeing. The two-year framework agreement (additional option years 1+1) enables cooperation in the development of ICT and operations. I’m pleased that we are also involved in this important work that affects people’s everyday lives and well-being.

Previously, on various occasions, we have touched upon our plan to transfer to the official list of the Nasdaq Helsinki stock exchange during the first quarter of 2021. Preparations for the transition have progressed as planned”.

In the Business Reviews, the monthly number of employees and net sales with comparable information is published. The reviews also include other key indicators that further facilitate monitoring of the company’s growth strategy and comparisons between different periods. Reporting has been supplemented with the Full Time Equivalent (FTE) figure as well as subcontracting FTEs. Additionally, in the monthly Business Reviews for the quarter ending in March and September, the company publishes the Group’s adjusted EBITA and adjusted EBITA-% as well as corresponding figures for the same period in the previous year.

The figures are unaudited.

Month (2021) Net sales,
(net sales 2020)1
Number of employees2 Number of working days in Finland (working days in 2020) Overal capacity,
Subcontracting, FTE4
February 8.1 (5.9) 736 20 (20) 689 111
January 7.5 (6.1) 727 19 (21) 679 109

1 Net sales, MEUR (net sales in 2020) indicates the net sales (unaudited) for the month concerned.
2 The number of employees at the end of the review period.
3 The 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 agreements and other long-term deviations from normal working hours reduce the amount of overall capacity in comparison with the total number of employees.
4 The subcontracting, FTE (Full Time Equivalent) figure shows the overall amount of subcontracting used in invoiced work, converted into a value corresponding to the number of full-time employees.

Further enquiries:
Mikael Nylund, CEO, Gofore Plc
tel. +358 40 540 2280

Certified Adviser:  Evli  Bank Plc, tel. +358 40 579 6210   
Gofore Plc is a Finland-based digitalisation specialist with international growth plans. Together with our customers, we are pioneering an ethical digital world. We’re made up of over 700 impact-driven people across Finland, Germany, Spain and Estonia top experts in our industry who are our company’s heart, brain, and hands. We use consulting, coding and design 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 2020, our net sales amounted to EUR 78 million. Gofore Plc’s shares are quoted in the Nasdaq First North Growth Market Finland. Learn more:

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