Inside information 8.7.2021

Gofore Plc: Gofore Plc’s Business Review 1 – 30 June 2021: Growth continued in June, net sales increased by 38% in the first half of 2021


Gofore Plc’s Business Review 1 – 30 June 2021: Growth continued in June, net sales increased by 38% in the first half of 2021

Gofore Plc’s net sales in June 2021 amounted to EUR 9.1 million (2020: EUR 6.1 million). At the end of the period, the group employed a total of 803 persons (610 persons).

Net sales for the first half of 2021 increased by 38% from the corresponding period in 2020 to EUR 51.7 million (EUR 37.4 million). Net sales for the second quarter of 2021 (1 April – 30 June 2021) were EUR 26,4 million (EUR 18.6 million) and increased by 43%.

CEO Mikael Nylund comments:

“Progression was strong in June. The elevation of our billing rate to a commendable level, and the briskly continuing customer demand contributed in part to the increase in our net sales in June from the corresponding period the previous year. Net sales grew by 48% in June from the previous year and amounted to EUR 9.1 million.

On the customer front, the most significant single customer win was the automation of the Enforcement System of the Legal Register Centre in Finland. We are assisting in the use of advanced data analytics to locate assets and income concealed by the grey economy, hence strengthening the prevention of the grey economy and economic crime. The framework agreement includes an option for expert services in robotics, analytics and artificial intelligence. The total estimated value of the agreement is approximately EUR 1.5 million over a four-year agreement period (agreement period 2+2 years). Cooperation with the Legal Register Centre has continued since 2013.

At the beginning of July, the National Agency for Education resolved on the service procurement for the maintenance and development of services related to language and translator degrees and legal interpreter registers. Over the eight-year agreement period, the estimated value of cooperation per year amounts to nearly EUR 0.6 million. The services will be provided together with our partner Cybercom Finland, with both companies accounting for approximately one half of the provision of the services under the agreement. The agreement will enter into force at the expiration of the on-going two-week appeal period. Our cooperation with the National Agency for Education has continued for 10 years.

The legislation package adopted by the Parliament of Finland in June launched a reform of social and health care in Finland. The welfare areas established at the beginning of July will take up their new statutory duties already from the beginning of 2023. Implementing IT solutions that are fundamental for quality and efficiency is crucial as the new organisations prepare to commence their operations. Gofore’s more than 200 consultants experienced in advisory services offer just the right help to implement organisational and IT solutions. In the early stages, emphasis will be placed on IT environments, procurement and project management, procurement expertise and people-driven change management. We therefore expect the social and health services reform to strengthen the demand for our services towards the end of the year, as the establishment of the welfare areas progresses.

A successful June ended our second quarter. Our net sales for the quarter ending in June amounted to EUR 26.4 million, while in the comparison period, net sales amounted to EUR 18.6 million. Our net sales for the entire first half year period grew by 38% to EUR 51.7 million. This is a growth rate we can be pleased with and start the holiday season in good spirits”.

In its Business Reviews, Gofore publishes its monthly number of employees and net sales, together with comparable information. 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 at end of period Number of working days in Finland Overall capacity,
Subcontracting, FTE2
June 9.1 (6.1) 803 21 (21) 755 108
May 8.8 (6.0) 799 20 (19) 755 109
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 more than 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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