Inside information 8.6.2022

Gofore Plc’s Business Review 1 – 31 May, 2022: A strong May for Gofore – New projects with e.g. Finnish Institute for Health and Welfare and Ministry of Finance

Gofore Plc
Stock Exchange Release
8 June, 2022 at 9.45 a.m. EET
Inside Information

Gofore Plc’s Business Review 1 – 31 May, 2022: A strong May for Gofore – New projects with e.g. Finnish Institute for Health and Welfare and Ministry of Finance

Gofore’s net sales in May 2022 were 13.1 million euros (8.8 million euros in May 2021). The consolidated pro forma net sales for the last 12-month period (LTM) in May amounted to 128.3 million euros. The Group employed a total of 1,068 people (799 people) at the end of the period.

CEO Mikael Nylund comments:

”May was a successful month for us. We continue to promote digitalisation in new ways, with existing and new customers, on both public and private sector projects. The most significant agreements include a new one with the Finnish Institute for Health and Welfare, on managing social and welfare reform related projects. The Finnish Institute for Health and Welfare has a major part to play in the reform, and it’s an honour for us to continue to support these projects that are also of great national importance. The new project is worth an estimated 3-7 million euros to us on over three years, plus an option of two additional years.

The societal impact we look for can also be seen in a new project with the Ministry of Finance, who chose us for the development and long-term maintenance services of its new framework and budget information system. The agreement, worth 2.6 million euros to us, entails the information system used in the framework and budget planning, as well as the website meant for visualizing the budget information. The objective is to have the system in use in the fall of 2024 and the website available by the end of the same year.

The public sector is also showing demand for the high-quality change management consulting expertise we acquired last year with CCEA. In May, we were chosen by e.g. Business Finland who promotes Finnish trade, tourism and foreign investment, as its partner in training and consultancy in change management. This is an important step for us in supporting the change of public organisations.

Our private sector sales are also performing well. We get to be part of developing future technologies in various areas. For example, we have an international coding team of six involved in developing a cloud service called CardioSignal, designed to enable early detection of heart diseases and offer impactful tools for healthcare professionals.

The level of sick leave due to the corona virus has come down for the time being. Our recruiting activity was also good in May.

Digitalisation is an unstoppable megatrend, but the world is also struggling with long-term crisis. Hence, we pay closer than before attention to our operating environment. Our previous estimates on long-term risks remained unchanged in May.”

Key figures

The numbers are unaudited. In the table below, we have corrected the Full Time Equivalent numbers we have incorrectly stated in the March and April business reviews as 959 for March and 980 for April.

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 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) 968 (735) 155 (118)
April 11.5 (8.5) 125.0 1,056 (791) 19 (20) 988 (743) 156 (112)
May 13,1 (8.8) 128,3 1,068 (799) 21 (20) 1,004 (755) 163 (109)

Unless otherwise stated, comparing figures presented in brackets refer to the corresponding period of the previous year. 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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