Company Announcement 11.10.2019

Gofore Plc: Gofore Plc’s Business Review 1 September–30 September 2019: Net sales grew 24 percent


Gofore Plc’s Business Review 1 September–30 September 2019: Net sales grew 24 percent

Gofore’s net sales during the review period 1 September–30 September 2019 were EUR 5.9 million (2018: EUR 4.7 million). The Group had a total of 578 employees at the end of the period.

The Group’s net sales for the third quarter (1 July-30 September 2019) were EUR 13.3 million and increased by 16% (2018: EUR 11.5 million). The Group’s EBITA (operating profit before goodwill amortisation) for the quarter was EUR 1.2 million, corresponding to 9.2% of net sales (2018: EUR 1.5 million, corresponding to 13.3% of net sales).

The Group’s net sales for January-September (1 January-30 September 2019) were EUR 46.8 million and increased by 29% (2018: EUR 36.2 million). The Group’s EBITA was EUR 6.2 million, corresponding to 13.3% of net sales (2018: EUR 4.7 million, corresponding to 14.8% of net sales).

CEO Timur Kärki comments on development:

“Customer demand picked up during the autumn, leading our company to a normal situation where there is more demand for our expertise than what we have the capability to serve. Currently, in the public sector, in particular, we have been successful in winning a number of new opportunities. The last significant win was last week when the City of Helsinki chose us to develop their service system in a EUR 2.5 million contract.

July and August were more subdued than expected, as some major customer projects were delayed. There were also delays with new project commencements. Lower than expected growth and profitability were also affected by difficulties in the UK business. The business of the UK company has clearly shrunk during the year. Net sales for the first quarter were EUR 660,000, EUR 404,000 for the second quarter, and only EUR 121,000 for the third quarter, its business being clearly loss-making.

In September, we conducted a wide customer satisfaction survey. Over the years, our customer satisfaction has been good and steady. I am delighted that a third of our customers feel that our service has improved in the last 12 months. The overall grade for the cooperation was rated at 8.5 on a scale of 1-10. The Net Promoter Score (NPS) gave a rating of 50, which can be considered very good in our industry.

Increased customer demand and satisfaction of current customers provide a good basis for future business development. This is also supported by the recruitment successes during autumn.”

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,
(net sales
Number of employees2 Number of
working days
in Finland
Overall capacity, FTE3 Subcontracting, FTE4
September 5.9 (4.7) 578 21 532 55
August 5.3 (4.6) 562 22 521 56
July 2.2 (2.2) 562 23 535 18
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 review period. A German company, Mangodesign, acquired in June 2019, is counted from 1 July 2019.
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 close to 580 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 Nasdaq First North Growth Market Finland. Learn to know us better at

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