Company Announcement 14.12.2020

Gofore Plc: Gofore Plc’s Business Review 1–30 November 2020: Strong and eventful month


Gofore Plc’s Business Review 1–30 November 2020: Strong and eventful month

Gofore’s net sales in November 2020 were EUR 8.5 million (2019: EUR 6.0 million). The Group had a total of 727 employees (582 employees) at the end of the period.

CEO Mikael Nylund comments:

“November was quite eventful in Gofore this year! Our net sales continued to grow nicely, and were even 41% higher than in the corresponding period in the previous year. Growth continued specifically in the work of our own personnel, but also in subcontracting. The good year-end of Qentinel Finland, the subsidiary acquired in August, also had a positive impact on November’s Group net sales. Good things happened on the customer front, setting us up to success for the next year.

We got the most significant single procurement decision of the year in December, when the Finnish KEHA Centre selected us to provide expert services for the ICT development projects it tendered. Our estimate is that this framework agreement will bring us EUR 40–60 million in net sales over the next six years. KEHA Centre is one of Gofore’s largest customers, so it was extremely important to us that they want to continue the cooperation that started in 2016. We are humble and committed to continuing our work to show that we are worthy of this trust.

We will continue our fruitful co-operation with the Finnish Digital and Population Data Services Agency with two agreement extensions. In December, we announced a procurement decision related to the continuing development of the online service. If realised in full, the estimated value of the procurement is EUR 13.5 million over the five-year agreement period. In November, the Digital and Population Data Services Agency selected us to support the development of its digital services in user interface design (UI), user experience (UX), usability and accessibility procurement. The estimated value of this procurement is EUR 5.5 million over the five-year agreement period. Together, we will continue building easy-to-use digital services for all Finns.

In November, the early childhood education system eVaka, introduced this year and established by the City of Espoo in 2017, progressed as the city of Tampere joined the system’s development. The project, in which Gofore has been a key development partner, aims to improve digital services in early childhood education and support interaction between home and early childhood education providers. With the city of Tampere, the project expanded into a joint project of two cities. The development project agreed with Tampere is worth approximately EUR 1.3 million.

Of other latest procurement decisions I also want to highlight the Finnish Customs’ procurement desicion, by which Customs selected us as a provider of service design, UI, usability testing and accessibility services. The value of the procurement is approximately EUR 1–1.5 million over a five-year agreement period.

The impact of the coronavirus pandemic made the results of our customer satisfaction survey carried out in November particularly interesting. In this survey, the overall satisfaction continued on a high level, with the rating of 4.0 (scale 1–5). In the survey conducted in the spring it was 4.1. Customers especially appreciated expertise, cooperation, and flexibility in working with Gofore. The NPS index of the study was 34 (scale -100 / +100), down from 54 in the spring survey. We will go through the result with our customers and how remote work has impacted the result.

At this point, I already want to wish a Merry Christmas to our customers, our other stakeholders and, most of all, to all Goforeans. The year has been exceptionally taxing for most of us, and in the holiday season it is necessary to have other things to think about besides work”.

In the Business Reviews, in addition to the month’s number of employees and net sales, the net sales of the corresponding month in the previous year are published. The reviews also include key indicators that further facilitate transparency 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.

The table is updated as the year progresses.

Net sales, MEUR (net sales 2019)1 Number of
Number of working days in Finland (number of working days 2019) Overal capacity,
November 8.5 (6.0) 727 21 (21) 670 128
October 8.7 (6.6) 718 22 (23) 663 127
September 8.3 (5.9) 716 22 (21) 666 107
August 5.6 (5.3) 612 21 (22) 579 64
July 2.4 (2.2) 609 23 (23) 569 33
June 6.1 (5.1) 610 21 (19) 579 71
May 6.0 (6.2) 606 19 (21) 572 75
April 6.4 (5.5) 596 20 (20) 559 80
March 6.8 (6.1) 585 22 (21) 549 73
February 5.9 (5.3) 578 20 (20) 539 68
January 6.1 (5.2) 587 21 (22) 548 60

1 Net sales, MEUR (net sales in 2019), reports net sales (unaudited) for that month.
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 invoiceable work, converted into a value corresponding to the number of full-time employees.

Further information:
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 2019, our net sales amounted to EUR 64.1 million. Gofore Plc’s shares are quoted in the Nasdaq First North Growth Market Finland. Learn more:

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