Inside information 13.12.2021

Gofore Plc: Gofore Plc’s Business Review 1 – 30 November 2021: Record net sales in November


Gofore Plc’s Business Review 1 – 30 November 2021: Record net sales in November

Gofore’s net sales in November 2021 amounted to EUR 11.3 million (2020: EUR 8.5 million). At the end of the period, the group employed a total of 846 persons (727 persons).

CEO Mikael Nylund comments:

“Our industrious autumn continued in November. Net sales increased further thanks to solid demand and a growth in capacity, and were up by 33.4 % from November in the previous year. There was also one more working day in November compared to last year. Towards the end of the year, we have continuously improved our operational efficiency in all business areas. To this, we have managed to combine solid capacity growth from success in recruitment and subcontracting. This is an extremely good performance from all Goforeans, while at the same time we have implemented major changes in the company. In December, we will switch temporarily to a quieter period in recruitment, which will last beyond the turn of the year.

In November, we were selected as the primary supplier of IT solutions for the design, development and maintenance of information production of our long-term customer CSC – IT Center for Science Ltd. for the next four years. The value of the contract totals approximately EUR 6 million for the contract period. The continued cooperation between the customer and Gofore’s experienced experts is always especially pleasing and demonstrates how a versatile partnership generates value for both of the parties involved.

In the previous Business Review for October, we announced that DigiFinland had selected us and our subcontractor Ambientia as suppliers for the development and maintenance of their integration platform and integrations. For this particular procurement, our cooperation will not be commencing due to our capacity deficiency. Together with our customer we have resolved not to commence cooperation before the work was scheduled to start in December 2021. The estimated value of the procurement was approximately EUR 5.7 million over three years, including an optional period (1 + 1 years). The cancellation of this isolated procurement agreement has no bearing on any other collaboration between DigiFinland and Gofore.

Gofore’s customer satisfaction survey was carried out in November. Overall satisfaction remained at a good level and received a rating of 4.3 (on a scale of 1–5), compared to 4.2 in the spring. In their feedback, the factors our customers especially appreciated about working with Gofore included customer-centricity, reliability and cooperativeness. The survey’s net promoter score (NPS) was 54 (scale -100 / +100) in Finland, having been 61 in the spring survey. We will be reviewing the results together with our customers. According to the company that conducted the survey, the NPS of the peer companies was 37, meaning Gofore has ranked among the best companies in the comparison. The customer satisfaction survey is carried out twice a year, in spring and autumn.

Furthermore, in November we announced a new co-operation project with the CoHumans consultancy in Finland, as part of our corporate responsibility work. The project will produce a model for further developing our ethical operating capabilities. In its scope and impactfulness, the model is the first of its kind within the technology industry in Finland. The model will also provide our experts with the tools for considering the ethical perspective in customer work and helps solving societal sustainability challenges.

I would like to take this opportunity to already wish a very Merry Christmas to all our customers, our other stakeholders and, especially, to all Goforeans. It has been a busy year and soon it is time to focus our thoughts on something other than just work.”

In its monthly business reviews, Gofore publishes the net sales and the number of personnel for the month ended, along with the comparison figures. The reviews also contain other key indicators and a comparison of the key figures between different periods, which facilitates the monitoring of the company’s growth strategy. The featured figures include the Full Time Equivalent (FTE) overall capacity and the FTE figures for subcontracting. Furthermore, in connection with the business reviews for March and September, also EBITA, adjusted EBITA and EBITA, % for the quarter ending in that month, along with the comparison figures are published. Business reviews are published as soon as possible after the figures are confirmed at the beginning of the following month. The exception is the figures for January which are included in the financial statements release, and July figures, included in the half-year report.

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
November 11.3 (8.5) 846 22 (21) 784 152
October 10.2 (8.7) 827 21 (22) 763 133
September 10.4 (8.3) 814 22 (22) 757 119
August 8.5 (5.6) 803 22 (21) 746 105
July 2.7 (2.4) 797 22 (23) 746 38
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 over 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 verification – 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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