Inside information 14.3.2023

Inside information: Gofore Plc’s Business Review 1-28 February 2023: February net sales 15.3 million euros – market uncertainty not seen as weakening of customer demand

Gofore Plc
14 March 2023 at 1.45 p.m. EET
Inside Information 

Inside information: Gofore Plc’s Business Review 1-28 February 2023: February net sales 15.3 million euros – market uncertainty not seen as weakening of customer demand 

Inside information: In February 2023, Gofore’s net sales were 15.3 million euros (11.3) million euros. Last 12 month (LTM) pro forma net sales were 164.2 million euros in February. The Group employed 1,342 (1,015) people at the end of the month. Numbers include eMundo GmbH that was consolidated into the Group on 1 November 2022.  

CEO Mikael Nylund comments: 

”Gofore’s February was in line with expectations, net sales standing 35% higher than previous year’s February, Finnish winter holiday season affecting the amount of customer work somewhat.  

One of our most significant new collaborations is renewing Finland’s election system with the Legal Register Center, as one of two suppliers. This entails a background information system, candidate information system, voting right information system, result calculation and results service system, as well as a control and management system, the functionality and lifecycle of which we want to ensure long into the future. This procurement is for 2,750–3,000 Gofore workdays in an about three-year agreement period, plus a 0-500 workday optional period. It’s an honor to be involved in renewing something with as much societal significance as the voting process.  

We also recently participated in a frame agreement process for Yle, the Finnish broadcasting company. Five suppliers were chosen in the tender, where Gofore was given the highest overall points. Yle has estimated the total value of this about four-year frame agreement to be six million euros. Individual frame agreements with chosen partners will be made after the now ongoing appeal period according to the procurement law. This frame agreement is a continuation to our earlier collaboration with Yle. 

In February, we also agreed on interesting new projects in the private sector, with the retail industry among others.

The number of our employees was increased by 24 experts in February. We have prepared to adapt our recruiting pace to customer demand, in areas that may be affected by the market uncertainty we mentioned in the financial statements release. For example, in the beginning of the year we have reacted to the demand situation with software designers, slowing down new recruitment to maintain a healthy invoicing level. Our digital platform enables very proactive operations management. 

We actually just implemented a new enterprise resource planning system that is used by the entire staff, and that helped update our entire “from project to invoicing” process. Gofore is constantly renewing, and this agile implementation is one example of an effective digital platform and an adaptable organization. With these tools, we can support the growing volume of our operations for years to come.

CrewShare, the share saving plan we offer to our entire staff, was kicked off in February for the sixth time. It’s wonderful to see 53% of Goforeans wanting to own Gofore shares. Profitable growth of the company is also a common goal by tying our salary raises to our profitability with our own collective agreement.   

Our market outlook and near-term uncertainty factors are as stated in the financial statements release; I encourage you to revisit what we said there.” 

Key Figures 

The numbers are unaudited. 


Net sales, MEUR  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


15.8 (10,8)


1,318 (993)

21 (20)

  1,225 (917)

186 (147)


15.3 (11,3)


1,342 (1,015)

20 (20)

1,256 (942)

184 (153)

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

eMundo GmbH’s figures have been consolidated into Gofore Group’s figures as of 1 November 2022.

1) Net sales, MEUR (net sales in 2022) 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 twelve-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.  

Monthly business reviews are published as soon as possible after the numbers are in, at the beginning of the following month for February, April, May, July, August, October, November, and December. Exceptions to this are January’s numbers, included in the full-year financial statements release and March numbers, included in the January-March interim report, and June numbers, included in the half-year report. Gofore also publishes IAS34 compliant interim reports quarterly.


About Gofore Oyj

Gofore is an international digital transformation consultancy with Finnish roots. We have some 1,300 impact-driven people in 19 locations across Finland, Germany, Austria, Spain, Estonia and Italy. With our technology and business expertise we build an equal digital society and create sustainable solutions for the intelligent industry. Our diverse group of professionals shares a pioneering ambition to create a more humane, sustainable and ethical digital world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2022, our net sales amounted to EUR 149.9 million. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Our vision is to be the most significant digital transformation consultancy in Europe. Learn to know us better at

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