Company Announcement 10.4.2019

Gofore Plc: Gofore Plc’s Business Review 1 March-31 March 2019: Strong net sales growth in March – good profitability in the first quarter


Gofore Plc’s Business Review 1 March-31 March 2019: Strong net sales growth in March – good profitability in the first quarter

Gofore’s net sales for the period 1 March-31 March 2019 were EUR 6.1 million (2018: EUR 4.2 million).

Net sales for the first quarter (1 January-31 March 2019) were EUR 16.7 million and increased by 37% (2018: EUR 12.2 million). The Group’s EBITA (operating profit before goodwill amortisation) for the quarter was EUR 2.9 million, corresponding to 17.2% of net sales (2018: EUR 1.7 million corresponding to 14.1% of net sales).

CEO Timur Kärki comments on development:

“In the beginning of the year, we paid more attention than before to our billing rate and in the end, it reached our target level. As a result, our profitability was at a good level, EBITA grew even by 67% compared to the previous year. Our self-directed organization found a balance between innovation, development and customer work. The growth in net sales was also an excellent achievement for the entire Group. The development was especially good in our UK subsidiary and in Silver Planet which we acquired in February”.

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]
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 the reported 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. 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 550 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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