Company Announcement 8.9.2020

Gofore Plc: Gofore Plc’s Business Review 1–31 August 2020: Demand in August picked up at the end of the month


Gofore Plc’s Business Review 1–31 August 2020: Demand in August picked up at the end of the month

Gofore’s net sales were EUR 5.6 million in August 2020 (2019: EUR 5.3 million). At the end of the review period, the Group employed a total of 612 people (562 people).

CEO Mikael Nylund comments:

“Having started a bit slowly, August picked up the pace towards its end, and sales started to improve again. With the new deals, our increased delivery capacity, which was increased already before the summer due to recruitments, will be used efficiently.

The highlight of August was the acquisition of Qentinel Finland, bringing about 100 new experts (started on 1 September) in test automation and digital quality assurance to our team. With the acquisition, Gofore becomes one of the leading providers of quality assurance services in Finland. The Qentinel acquisition also supports our goal of serving our key customers more comprehensively and enables us to compete for larger projects in the future.

On the client front, the most significant single public tender win in August was the University of Oulu’s electronic monitoring system for specialist medical training. The estimated total value of the frame agreement is approximately EUR 0.7-1 million. The system will be delivered to the customer within 18 months at the latest; the agreement also includes the maintenance and further development of the system for the next five years.

In September, we were selected as the Finnish Centre for Pensions’ software development partner with the best points in the tender. With a five-year agreement, we will be able to build a working partnership with our new customer in an interesting industry.

In September, we were also selected as the supplier of IT project manager services for our long-term customer, the Finnish Transport and Communications Agency Traficom, for the next five years. The continued collaboration between Traficom and Gofore’s experienced project experts is always great and shows how a genuine partnership brings value to both parties.

Crossing over to summer and the beginning of the second half of the year are typically a difficult time for any consulting business. Clients and employees return to work from their holidays, and projects are restarted after the summer break. This year, tiding over the summer has been further hampered by the uncertainty caused by the coronavirus pandemic. However, development at the end of August and the beginning of September would suggest we are on the right track.”

In the Business Reviews, in addition to the month’s net sales, the net sales of the corresponding month in the previous year is 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 EBITA and 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 Overall capacity,
August 5.6 (5.3) 612 21 579 64
July 2.4 (2.2) 609 23 569 33
June 6.1 (5.1) 610 21 579 71
May 6.0 (6.2) 606 19 572 75
April 6.4 (5.5) 596 20 559 80
March 6.8 (6.1) 585 22 549 73
February 5.9 (5.3) 578 20 539 68
January 6.1 (5.2) 587 21 548 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 digitalization 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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