Company Announcement 10.3.2020

Gofore Plc: Gofore Plc’s Business Review 1 February-29 February 2020: Favorable development continued


Gofore Plc’s Business Review 1 February29 February 2020: Favorable development continued

Gofore’s net sales in February 2020 were EUR 5.9 million (2019: EUR 5.3 million). The Group had a total of 578 employees (2019: 538 employees) at the end of the period.

CEO Mikael Nylund comments on development:

“In February, we continued the favorable development seen in January. Taking into account the non-recurring reduction in the number of employees at the end of January (the closure of the UK business), we have succeeded in increasing capacity in both own personnel and in subcontracting.

I am particularly excited about the development of ICT procurement consulting services. Our position in these services, which are significant for digitalisation, is strong. Our Group has entered into new agreements with Helsinki Regional Transport Authority (HSL) (estimated at EUR 0.5 million for the agreement period) and the Hospital District of Helsinki and Uusimaa (HUS) (procurement volume at approximately EUR 0.3 million per year, agreement period two years option year included). By influencing how public sector tenders services related to digitalisation, we advance a broader understanding and adoption of a more agile development culture.

Naturally, Coronavirus has caused uncertainty in our operating environment. For Gofore, our operations in Italy have been impacted so far. Following our clients’ instructions, our experts there have begun to work remotely. This has an impact on our business development in Italy (net sales approximately EUR 1.6 million in 2019). We are monitoring the situation and aim to help our clients even in this difficult situation”.

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,
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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