Inside information 14.10.2021

Gofore Plc: Gofore Plc’s Business Review 1 July – 30 September 2021: Net sales and profitability improved – Net sales in September surpassed EUR 10 million


Gofore Plc’s Business Review 1 July – 30 September 2021: Net sales and profitability improved – Net sales in September surpassed EUR 10 million

Gofore Plc’s net sales in the third quarter of 2021 (1 July – 30 September 2021) amounted to EUR 21.6 million (2020: EUR 16.3 million), totalling a growth of 32.7% from last year.

The group’s adjusted EBITA for the third quarter amounted to EUR 2.7 million (EUR 1.9 million), corresponding to 12.5% of net sales (11.5%). The adjusted EBITA for the quarter increased by 44.3% from last year. The group EBITA for the quarter amounted to EUR 2.7 million (EUR 1.6 million), corresponding to 12.5% of net sales (9.7%).

The group’s net sales for January–September (1 January – 30 September 2021) were EUR 73.3 million (EUR 53.7 million), up by 36.6%. The group’s adjusted EBITA for the period was EUR 9.6 million (EUR 7.5 million), corresponding to 13.2% of net sales (14.0%). The group’s EBITA amounted to EUR 9.5 million (EUR 6.5 million), corresponding to 12.9% of net sales (12.1%).

Gofore’s net sales in September 2021 amounted to EUR 10.4 million (EUR 8.3 million). At the end of September, the group employed a total of 814 persons (716 persons).

CEO Mikael Nylund comments:

“In September, we achieved a colossal symbolic milestone, as our monthly net sales for the very first time surpassed EUR 10 million. Net sales for September grew by 25% from last year. Most of the growth in September was organic. Growth for the entire quarter was solid at 32%. Taking into account the summer holiday period included in the third quarter, also profitability was at a good level. Adjusted EBITA grew by 44% year-on-year.

During the autumn, a profuse discourse has been ongoing in our industry concerning recruitment challenges, increased employee turnover and the post-corona turmoil in the labour market. However, even in September, we recruited new experts and our number of employees is increasing steadily, albeit the market situation is not easy. We have welcomed new faces in many different areas of expertise, including test automation and advisory services, along with technical and software development expertise.

In the market relevant to Gofore, the favourable development has persisted throughout the year and continues to be discernible. The demand for our services is strong and customers are investing in digital transformation, undoubtedly partly driven by the experiences gained during the coronavirus pandemic.

The social and health care reform that is of great importance for us was launched in Finland in the summer, and is in full swing. In terms of their backgrounds, the new welfare areas are all at slightly different starting points both in terms of their capabilities and their execution. The work has started on a broad front and the areas have applied for government grants related to the ICT transformation to support this change. Our experts are also already involved in the ICT and other projects in several different areas.

From the customer front, I would also like to highlight the nationally significant AuroraAI development work. In April, we announced that we had signed an agreement with DigiFinland Oy for the implementation of a chatbot software platform that utilises artificial intelligence as part of the national AuroraAI programme and its implementation phase in 2021–2022. This autumn, our role in implementing the programme was further solidified, as we agreed with DigiFinland on chatbot service design and cloud environment development, and, during the summer and early autumn, our team commenced their work with the AuroraAI project of the Digital and Population Data Services Agency in core component development tasks. The objective of the national AuroraAI programme is to facilitate citizens’ access to the services of different organisations in a timely and personalised manner in different situations of life and to improve the cost-efficiency and effectiveness of the provision of public services. We have participated in the programme from the very beginning.

Gofore’s investments in developing employee experience and employer image are consistently reflected in its success in surveys measuring employer brand. We have ranked in the top 10 in the Young Professional Attraction Index (YPAI) 2021, which lists Finland’s most attractive employers. In the September survey, we ranked seventh. The survey, carried out by Academic Work, highlights young people’s desire to work for well-known brands with a promising future and the reputation of an innovative employer”.

The company complies with the half-yearly reporting stipulated by the Finnish Securities Market Act. In addition, Gofore publishes a monthly business review, containing the net sales and the number of personnel for the month ended, along with the comparison figures. The reviews also contain other key indicators and a comparison of the key figures between different periods, which facilitates the monitoring of the company’s growth strategy. The featured figures include the Full Time Equivalent (FTE) overall capacity and the FTE figures for subcontracting. Furthermore, in connection with the business reviews for March and September, also EBITA, adjusted EBITA and EBITA, % for the quarter ending in that month, along with the comparison figures are published. The figures presented in the reviews are unaudited. Business reviews are published as soon as possible after the figures are confirmed at the beginning of the following month. The exception is the figures for January which are included in the financial statements release and July figures, which are included in the half-year report. This business review was not devised in accordance with the IAS 34 Interim Financial Reporting standard.

The company uses adjusted EBITA as an indicator of operative profitability. The calculation formulas for the key figures have been published in Gofore’s financial statements for 2020 and can also be found on the company’s website under calculation formulas for key figures:

Quarterly development

Group Q1/20211 Q2/2021 Q3/2021 Q4/2021
Net sales, MEUR 25.2 26.4 21.6
EBITA, MEUR, adjusted 3.5 3.4 2.7
EBITA-%, adjusted 13.9% 13.0% 12.5%
Group Q1/2020 Q2/2020 Q3/20202 Q4/2020
Net sales, MEUR 18.8 18.6 16.3 24.3
EBITA, MEUR, adjusted 3.2 2.5 1.9 3.3
EBITA-%, adjusted 16.8% 13.3% 11.5% 13.5%
Growth-% Q1/2021 Q2/2021 Q3/2021 Q4/2021
Net sales, growth-% 34.1% 42.5% 32.7%
EBITA, adjusted, growth-% 10.7% 39.5% 44.3%

1 CCEA Oy’s figures have been consolidated into those of the Gofore Group since 1 March 2021.
2 Qentinel Finland Oy figures have been consolidated into those of the Gofore Group since 1 September 2020.

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 Overall capacity,
Subcontracting, FTE2
September 10.4 (8.3) 814 22 (22) 757 119
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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