Inside information 7.5.2021

Gofore Plc: Gofore Plc’s Business Review 1 – 30 April 2021: Growth continued in April


Gofore Plc’s Business Review 1 – 30 April 2021: Growth continued in April

Gofore Plc’s net sales in April 2021 amounted to EUR 8.5 million (2020: EUR 6.4 million). At the end of the period, the group employed a total of 791 persons (596 persons).

CEO Mikael Nylund comments:

“Net sales in April amounted to EUR 8.5 million, totalling a growth of more than 30% from the previous year. Our growth strategy has bitten well recently, producing growth both organically and through acquisitions.

From the customer front, I would like to highlight the agreement signed in April with DigiFinland Oy on the implementation of artificial intelligence enabled chatbot software platform. The implementation is part of the national AuroraAI programme, and its implementation phase in 2021-2022. We have been part of the programme since its beginning. We have been excited about the opportunities offered by the application of artificial intelligence to develop people-driven services. In the implementation of the platform, we will be able to utilise our extensive expertise in agile software development and service design, as well as in artificial intelligence and cloud technology. The value of the agreement is approximately EUR 1.4 million over a two-year agreement period (1 + 1 year option).

Our cooperation with the City of Helsinki’s Education division deepens. Our experts are strongly involved in the pilot project launched in May, which directs city’s services to the early childhood education division. The aim of the project is to obtain information from families about their possible day care needs, and based on this information to optimise services to suit families when the need for day care arises. The project is a direct continuation of the development of the information system for electronic services that we have previously carried out in the so-called ASTI project. The pilot project will initially last until the end of 2021, after which the further development of the pilot will be decided. The value of the agreement is approximately EUR 0.61 million this year.

In April, we announced the share issue of new 1,000,000 shares to eligible international and Finnish institutional investors. As a result of the issue, we raised EUR 19 million to support the execution of the company’s growth strategy. A key part of Gofore’s growth strategy will continue to be growing through acquisitions, alongside strong organic growth. The six acquisitions we have completed so far have successfully boosted our growth and supported the development of our service offering towards a holistic offering that supports our customers in their digital transformation. The share issue will enable us to continue this effective strategy, in the future also in markets outside Finland.

For the share issue, our second target was to make a controlled change to the company’s owner base. The arrangement really interested the international investors we were looking for. More than 75% of the shares offered went outside Finland. We believe that the expanded owner base will serve the company’s growth well in the future.

Also April was an eventful month and we estimate the pace to continue as such. During the beginning of the year, we have succeeded in further increasing the number of our personnel. Billing rate improvement can also further improve performance.”

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 EBITA, adjusted EBITA and adjusted EBITA-% as well as corresponding figures for the same period in the previous year.

The figures are unaudited.

The table is updated as the year progresses.

Month (2021) Net sales,
Number of employees Number of working days in Finland Overall capacity,
Subcontracting, FTE2
April 8.5 (6.4) 791 20 (20) 743 112
March 9.7 (6.8) 790 23 (22) 735 118
February 8.1 (5.9) 736 20 (20) 689 111
January 7.5 (6.1) 727 19 (21) 679 109

Unless otherwise stated, the comparison figures in brackets refer to the corresponding period of the previous year. CCEA Oy’s figures have been consolidated with those of the Gofore Group since 1 March 2021.

1 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.
2 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

Gofore Plc is a digital transformation consultancy with close to 800 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 assurance – 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 share is listed on the Nasdaq Helsinki Ltd. in Finland. Get to know us better at

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