Company Announcement 8.1.2020

Gofore Plc: Gofore Plc’s Business Review 1 December–31 December 2019: Net sales EUR 4.6 million, 27% net sales growth for the full year


Gofore Plc’s Business Review 1 December–31 December 2019: Net sales EUR 4.6 million, 27% net sales growth for the full year

Gofore’s net sales in December were EUR 4.6 million (2018: EUR 3.8 million). The Group had a total of 582 employees (2018: 495 employees) at the end of the period.

Net sales for the full year were EUR 64.1 million (2018: EUR 50.6 million, growth 27%).

CEO Mikael Nylund comments on development:

“December net sales were as expected. During Christmas and New Year, personnel took the usual vacations, so net sales per working day did not reach that of the peak months.

Net sales for the full year were EUR 64.1 million. We were able to continue our long-standing strong growth. This was the 15th consecutive year of profitable growth for the company.

Year 2019 was also a time of learning, as customer demand was more difficult to estimate. At the beginning of the year, we expected growth of more than 40% for the financial year. However, in the first half of the year, there were fewer new projects than normal in our public sector clientele. This was to be expected since a similar phenomenon has occurred in the past when a new government was formed in Finland after elections, but the magnitude of this phenomenon surprised us. In addition, during the second quarter, a couple of our major private sector customers reduced their orders. These factors contributed to the year’s growth remaining reasonably good in itself, at 27%.

Demand in the public sector normalized in the autumn and sales in the private sector also developed well. In December, we were selected as the primary supplier with the best score for IT Center for Science CSC’s framework for information production. We expect the agreement to be worth approximately EUR 1.5-2 million for our part. We confidently look ahead at the start of 2020”.

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.

Net sales,
(net sales
Number of employees2 Number of
working days
in Finland
Overall capacity, FTE3 Subcontracting, FTE4
December 4.6 (3.8) 582 18 539 53
November 6.0 (5.3) 582 21 537 57
October 6.6 (5.4) 580 23 537 54
September 5.9 (4.7) 578 21 532 55
August 5.3 (4.6) 562 22 521 56
July 2.2 (2.2) 562 23 535 18
June 5.1 (4.1) 559 19 525 59
May 6.2 (4.4) 558 21 (+ Ascension
515 60
April 5.5 (4.0) 552 20 504 57
March 6.1 (4.2) 544 21 500 66
February 5.3 (3.8) 538 20 487 61
January 5.2 (4.1) 504 22 469 52

1 Net sales, MEUR (net sales in 2018), reports net sales (unaudited) for that month.
2 The number of employees at the end of the review period. A German company, Mangodesign, acquired in June 2019, is counted from 1 July 2019.
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. The capacity of Silver Planet Oy’s personnel has been taken into account as of 15 February 2019.
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. Subcontracting used by Silver Planet Oy has been included as of 15 February 2019.

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 some 580 people across Finland, Germany, Spain, United Kingdom 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

Subscribe to Gofore releases

Want to hear our news first hand? Subscribe to our stock exchange releases and press releases!

Subscribe to releases

Back to top