Company Announcement 7.7.2020

Gofore Plc: Gofore Plc’s Business Review 1 June–30 June 2020: Growth continued, 12% net sales growth in first half 2020


Gofore Plc’s Business Review 1 June30 June 2020: Growth continued, 12% net sales growth in first half 2020

Gofore’s net sales were EUR 6.1 million in June 2020 (2019: EUR 5.1 million). At the end of the review period, the Group employed a total of 610 people (559 people). Net sales of the first half of 2020 grew 12% from to the corresponding period in 2019 to EUR 37.4 million (EUR 33.5 million).

CEO Mikael Nylund comments:

“In June, Gofore’s net sales were EUR 6.1 million, growth driven by having more working days during the month than in the corresponding period (21 working days, as compared to 19 working days in June 2019). The number of personnel also continued to grow. I believe that this demonstrates trust in Gofore’s operations and future.

In June, the Finnish Patent and Registration Office selected us as their system maintenance, support and development services provider for the Business Information System. With the agreement, we will take overall responsibility for one of Finland’s main registers, which contains information that is important for the functioning of the society. The service will be implemented in cooperation with our partner Cybercom. This reflects the importance of cooperation and working within networks in our operations.

In addition, the Finnish Patent and Registration Office selected us to be responsible for the implementation of their IT architecture services. The digitalisation of our society requires expertise on many different levels. This partnership emphasizes the importance of Gofore’s advisory services alongside the actual implementation of information systems, as we, together with our customers, create a smoother daily life for people and companies.

Our net sales for the second quarter were EUR 18.6 million, compared to EUR 16.8 million in the corresponding period in 2019.

Our net sales for the first half of the year grew 12% to EUR 37.4 million. The growth was largely organic, indicating the customer needs, but also showing the successes of our sales and recruitment.

We do meaningful work for our customers and we believe that they consider our joint projects important to the future of their business – now even more than ever.”

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 Overal capacity,
June 6.1 (5.1) 610 21 579 71
May 6.0 (6.2) 606 19 572 75
April 6.4 (5.5) 596 20 559 80
March 6.8 (6.1) 585 22 549 73
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 over 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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