Inside information 9.5.2022

Gofore Plc’s Business Review 1-30 April, 2022: Gofore in good growth form – New contracts with e.g. Tax Administration and City of Helsinki

9 MAY, 2022 AT 2.15 P.M. EET

Gofore Plc’s Business Review 1 – 30 April, 2022: Gofore in good growth form – New contracts with e.g. Tax Administration and City of Helsinki

Gofore’s net sales in April 2022 were 11.5 million euros (8.5 million euros in April 2021). The consolidated pro forma net sales for the last 12-month period (LTM) in February amounted to 125.0 million euros. The Group employed a total of 1,056 people (791 people) at the end of the period.

CEO Mikael Nylund comments:

”The strong growth we’ve had since the beginning of the year also continued in April. Our sales team kept busy, succeeding and winning significant new projects focused on digitalization. We agreed with the Finnish tax administration on a 2.5-million-euro contract on expert services in 2022-2024 as part of the Realtime Economy project. The project’s vision for 2030 is a national ecosystem of financial operations, compatible with other Nordic countries. Here, orders, electronic invoices and receipts, as well as company financial information changes hands seamlessly, safely and in real time. We are strongly involved in the Realtime Economy project in 2022-2024.

The work we do with the Finnish social and healthcare reform also expanded in April, upon winning 2M-IT’s tender on project management services for the development of social and healthcare operations and ICT change programmes. This two-year contract is worth 0.9 million euros.

We also continued our close collaboration with the City of Helsinki, with a two-year contract worth an estimated 2.6 million euros on further development of the “Haitaton” application meant for evaluating construction site impediments. We are also involved in the ASTI project that develops a service system for the childhood and basic education line of city operations. The ASTI deal is worth a maximum of 4.9 million euros to us over 2022-2024.

Our utilisation rate continued the upwards trend from the beginning of the year driven by good customer demand and improved somewhat in compared to March. There were only 19 working days in April. We had corona virus sick leave days again among our staff this month, affecting the amount of invoiceable work, although the trend was downward from March’s number.

Our recruiting pace is slowing down towards the summer, as is typical for the industry, although in April we welcomed 22 new colleagues. As we enable many ways of being part of the Gofore community, the level of subcontracting, our network and the number of partners are all in continuous growth in addition to in-house headcount.

Russia’s invasion war on Ukraine has no direct impacts on Gofore, as we have no customers, subcontractors or employees in Ukraine, Russia or Belarus. We continue to follow the difficult situation with compassion, and continuously assess the indirect, so far very minor, risks it may inflict on us.”

The numbers are unaudited.

Net sales, MEUR (Net sales 2021) 1 Pro forma LTM
Net sales 2
Number of employees at end of period 3 No. of working days in Finland (Working days 2021) Full Time Equivalent,
Subcontracting, FTE5
January 10.8 (7.5) 118.5 993 (727) 20 (19) 917 (697) 147 (109)
February 11.3 (8.1) 120.3 1,015 (736) 20 (20) 942 (698) 153 (111)
March 13.3 (9.7) 122.9 1,043 (792) 23 (23) 959 (735) 155 (118)
April 11.5 (8.5) 125.0 1,056 (791) 19 (20) 980 (743) 156 (112)

Unless otherwise stated, comparing figures presented in brackets refer to the corresponding period of the previous year, unless stated otherwise. Devecto Oy’s figures have been consolidated into Gofore Group’s figures as of 3 January, 2022. 

1) Net sales, MEUR (net sales in 2021) indicates the unaudited net sales for the month in question.  
2) The last twelve months (LTM) pro forma net sales figure that the company uses tells the net sales for the Group structure of the time of reporting. The pro forma net sales include the impact of acquisitions and divestments and is unaudited.
3) Number of employees at the end of the review period.
4) 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 agreement sand other long-term deviations from normal working hours reduce the amount of overall capacity in comparison with the total number of employees. The personnel capacity of corporate acquisitions has been accounted for as of the date of the acquisition.
5) 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. The subcontracting of the companies acquired by Gofore has been accounted for as of the date of the acquisition.

Gofore’s financial reporting

In its monthly business review, Gofore discloses its monthly net sales, last ten-month pro forma net sales and number of employees with comparison figures, as well as other indicators that help evaluate the company’s growth strategy execution, such as the Full Time Equivalent (FTE) numbers that describe overall capacity and the ratio of subcontracting.

In its quarterly business reviews, Gofore also discloses its EBITA, adjusted EBITA and EBITA-% for the quarter in question along with comparison figures, its organic growth number for the reporting period, and e.g. income statement and balance sheet.

Business reviews are published as soon as possible after the numbers are confirmed at the beginning of the following month, with the exceptions of January’s numbers, included in the full-year financial statements release, March numbers, included in the January-March review, and July numbers, included in the half-year report.

Mikael Nylund
CEO, Gofore Plc
tel. +358 40 540 2280

Gofore Plc is a digital transformation consultancy with over 1,000 impact-driven employees across Finland, Germany, Spain, and Estonia – top experts in our industry who are our company’s heart, brain, and hands. We use our holistic service offering – consulting, coding, design and verification – 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 2021, our net sales amounted to EUR 104.5 million. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Get to know us better at

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