Company Announcement 8.5.2020

Gofore Plc: Gofore Plc’s Business Review 1 April–30 April 2020: Strong month in an uncertain operating environment


Gofore Plc’s Business Review 1 April30 April 2020: Strong month in an uncertain operating environment

Gofore’s net sales were EUR 6.4 million in April 2020 (2019: EUR 5.5 million). At the end of the review period, the Group employed a total of 596 people (552 people).

CEO Mikael Nylund comments:

“Despite the exceptional circumstances, April saw us continuing the favourable development witnessed from the beginning of the year. Net sales in April were EUR 6.4 million, showing 17% increase on the corresponding period in 2019. The second quarter of the year has started on a positive note.

Public sector customers are strongly represented in Gofore’s customer portfolio. This provides predictability in the midst of uncertainty. In April, we won the Finnish Tax Administration’s tender for usability and testing expert services. The estimated total value of the four-year (two years and an option for another two years) agreement is EUR 2 million. In April, we also won a major tender from the Finnish Transport and Communications Agency Traficom for ICT architecture consulting. The agreement is for five years, and its estimated total value is EUR 4.1 million.

The success of our customers is important to us. We monitor customer satisfaction and its development with e.g. the Net Promoter Score (NPS). The 2020 NPS score was 54, compared to 50 in the autumn of 2019. According to the company that conducted the study, the NPS of the comparison companies was 37, which means that Gofore is clearly among the best companies in the comparison.

We have also been successful in our recruitment. In April, our team got not only software developers but also e.g. cloud experts and designers. We are constantly developing the well-being of our employees, which is also reflected in recruitment.

The coronavirus epidemic and its continuation have brought uncertainty to our operating environment, which has impacted project starts, slowed new sales and, in one case, led to the discontinuation of an agreed project. In April, the Finnish Patent and Registration Office called off the audit oversight system development project launched last autumn with Gofore due to the coronavirus epidemic. However, there has been no sudden reductions in public administration projects as a whole so far. On the contrary, several of our customers have stated that development work will continue as normally as possible despite the crisis.

I want to thank Gofore’s committed and responsible employees who have taken care of the well-being of themselves and each other, the continuity of our clients’ development work and their focusing on overcoming the crisis – together.”

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,
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 enquiries:
Mikael Nylund, CEO, Gofore Plc
tel. +358 40 540 2280

Certified Adviser: Evli Bank Plc, tel. +358 40 579 6210

Gofore Plc is a Finnish digitalisation specialist with international growth plans. We’re made up of close to 600 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 to know us better at

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