Company Announcement 5.6.2020

Gofore Plc: Gofore Plc’s Business Review 1 May–31 May 2020: Strong growth in the number of employees


Gofore Plc’s Business Review 1 May31 May 2020: Strong growth in the number of employees

Gofore’s net sales were EUR 6.0 million in May 2020 (2019: EUR 6.2 million). At the end of the review period, the Group employed a total of 606 people (558 people).

CEO Mikael Nylund comments:

“Our net sales in May were EUR 6.0 million. It fell short of last year’s net sales in May, as there were as many as three fewer working days than in May last year.

The number of employees in the Group grew strongly in May and exceeded 600 at the end of the month. A significant part of the recruits were software developers. Although the corona situation has brought challenges to new sales and postponed the start of new projects, we are also seeing positive signals in the market and will continue to recruit.

Of new agreements, the Finnish Environment Institute (SYKE) selected Gofore as the provider of its IT expert services. The agreement is valid from 1 June 2020 to 31 December 2023. It will provide SYKE with additional resources for the design, implementation and maintenance of its environmental information systems and digital services. At the end of the agreement period, SYKE may extend the agreement for an option period of up to one year. The estimated scope of the procurement is 500-1,000 man-days per year. Digital solutions play an integral role in solving the most difficult problems societies face. It is inspiring to be involved in projects where they are applied to solve environment challenges.”

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,
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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