Company Announcement 9.7.2019

Gofore Plc: Gofore Plc’s Business Review 1 June–30 June 2019: Demand developed favourably, strong growth in the first half of the year


Gofore Plc’s Business Review 1 June–30 June 2019: Demand developed favourably, strong growth in the first half of the year

Gofore’s net sales during the review period 1 June–30 June 2019 were EUR 5.1 million (2018: EUR 4.1 million). The Group had a total of 559 employees at the end of the period. Net sales of the first half of 2019 were EUR 33.5 million (2018: EUR 24.7 million).

CEO Timur Kärki comments on development:

“As expected, our net sales were lower than in the previous month due to the start of the summer holiday season in Finland and the low number of working days (19 days). Our net sales for the quarter that ended were EUR 16,8 million, compared with EUR 12,5 million in the same period last year. The beginning of the second quarter was a bit more subdued than expected as cooperation reduced with a few major customers. In general, however, demand remained good, and in June we won several competitive bids and other orders, the most important of which was the separately announced continuation of the Traffic Management Finland framework agreement. Our net sales for the first half of the year increased by 35 percent to EUR 33,5 million.”

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, Gofore Plc will publish 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,
(Net sales
2018) [1]
Number of
employees [2]
Number of
working days
in Finland
Overall capacity,
FTE [3]
, FTE [4]
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 reported period. A German company, Mangodesign, acquired in June 2019, is counted from 1 July 2019 and is not included in the number of employees reported in June.
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:
Timur Kärki, CEO, Gofore Plc
tel. +358 40 828 5886

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 560 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 2018, our net sales amounted to EUR 50.6 million. Gofore Plc’s shares are quoted in the First North Finland market administered by Nasdaq Helsinki Ltd. Learn to know us better at

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