Inside information 8.9.2021

Gofore Plc: Gofore Plc’s Business Review 1 – 31 August 2021: Growth continued in August – Through competitive tendering, Gofore included in two framework agreements in Europe


Gofore Plc’s Business Review 1 – 31 August 2021: Growth continued in August – Through competitive tendering, Gofore included in two framework agreements in Europe

Gofore Plc’s net sales in August 2021 amounted to EUR 8.5 million (2020: EUR 5.6 million). At the end of the period, the group employed a total of 803 persons (612 persons).

CEO Mikael Nylund comments:

“Net sales were EUR 8.5 million. In August, customers and employees return from their holidays, and projects are being launched at different paces after the summer break. This year, the summer holiday season succeeded well, as we had anticipated, and proper advance planning allowed for a smooth start to and closure of the holiday season. Billing rate improved towards the end of August.

Gofore has been successful in digitalising the Finnish society. Our expertise in public sector projects is strong and we have also identified the opportunity to export this expertise in other parts of Europe. In August, a major step was taken on this path when we reached framework agreements with the OECD (Organisation for Economic Co-operation and Development, Paris) and the European Patent Office (EPO, Munich) through competitive tendering. In the case of the OECD, the framework agreement covers procurement related to digital services and capabilities and, in the case of EPO, services related to quality assurance and testing automation of information systems. In international competition, we face new players, but we believe that our strong expertise and experience will also boost our growth in this market.

We were also successful in Aalto University’s procurement tendering for project managers, expanding our cooperation that has continued since 2015. Three providers were selected for the procurement. Aalto University is seeking a partnership to secure the speedy and flexible provision of full-time or part-time project managers for various IT projects. Examples of such projects include development projects of the University’s operating model and system deployment projects. If necessary, the project managers also work in the role of substance experts and support the tasks of public procurement. The one-year agreement period with a one-year extension option started at the end of August and has a maximum value of EUR 2 million. The agreement marks a new significant opening for our management consulting services for the education and research sector. It is a pleasure for us to be able to provide more extensive assistance and support to one of Finland’s most notable institutions within the education and research sector”.

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 Overal capacity,
Subcontracting, FTE2
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 some 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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