Company Announcement 10.9.2018

Gofore Plc: Gofore Plc’s Business Review 1 August-31 August 2018: Acquisition and new Turku office boosted growth


Gofore Plc’s Business Review 1 August-31 August 2018: Acquisition and new Turku office boosted growth

Net sales for the period 1 August-31 August 2018 were EUR 4.6 million (2017: EUR 3.4 million). At the end of period, the Gofore Group employed a total of 476 people.

“The beginning of the Autumn season has been brisk. Our customer relationships have developed well, and the main highlight was that when Gofore were selected for the Kela framework agreement on the reform of the benefit information systems. In August, we expanded our operations in Finland by setting up an office in Turku. In line with our strategy, we also seek growth through acquisitions – we made the first as a listed company, and the second, acquisition in the company’s history. The digital consulting company Solinor Oy became part of Gofore, increasing our number of employees to 476 and significantly improving our delivery capability in the Helsinki metropolitan area. As expected, the period’s net sales were affected by the summer holiday season, weakening billing in relation to capacity”, comments CEO Timur Kärki.

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. Reporting has been supplemented with the Full Time Equivalent (FTE) figure as well as subcontracting FTEs. These additions will further facilitate transparency at the monthly level of the company’s growth strategy as well as the transparency of the company’s business.

The figures are unaudited.

The table below will be completed as the year progresses.

Net sales,
(Net sales
2017) [1]
Number of
employees [2]
Number of
working days
in Finland
Overall capacity,
FTE [3]
, FTE [4]
August 4.6 (3.4) 476 23 413 46
July 2.2 (1.3) 419 22 400 24
June 4.1 (3.2) 423 20 405 50
May 4.4 (3.3) 413 21 (+ Ascension day) 389 47
April 4.0 (2.6) 397 20 377 41
March 4.2 (3.3) 392 21 366 49
February 3.8 (2.7) 386 20 354 45
January 4.1 (2.7) 377 22 346 42

1 Net sales, MEUR (net sales in 2017), reports net sales (unaudited) for that month. In parentheses, comparing to the previous year, the combined net sales of Gofore Oy and the Leadin Group is presented for January-May. The figure for August, 2018 does not include the monthly net sales of Solinor Oy acquired on 31 August 2018.
2 The number of employees at the end of August, 2018 also includes the employees of Solinor Oy transferred to the Gofore Group by the acquisition completed on 31 August, 2018.
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 staff, 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 staff. The figure for August, 2018 does not include the figures of Solinor Oy acquired on 31 August 2018. The corresponding FTE figure of Solinor Oy was 37 in August, 2018.
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. The figure for August 2018 includes 3 FTE acquired from the Solinor Oy.

Further enquiries:
Timur Kärki, CEO, Gofore Plc
tel. +358 40 828 5886

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

Read more about:
Gofore signs a framework agreement with Kela for their benefit information system renewal
Helsinki-based digital consulting company Solinor joins forces with Gofore

Gofore Plc is a company specialising in digitalisation established in 2002. We offer modern services that help operators in the private and public sectors to move with the times. Our mission is to change the world for the better through digitalisation and by renewing the ways of working. Our services cover the entire value chain – from management consultation to service design and implementation as well as cloud services. Gofore currently employs over 470 people in Helsinki, Jyväskylä, Tampere, Turku, Swansea, Munich and Madrid. Gofore was chosen as the best workplace in Finland and the second-best workplace in Europe in the Great Place to Work® 2017 survey. In 2017, our net sales were EUR 34 million. Gofore Plc’s shares are quoted in the First North Finland market administered by Nasdaq Helsinki Ltd. More information is available at

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