Inside information 11.3.2024

Inside information: Gofore Plc’s Business Review 1-29 February 2024: February net sales 16.3 million euros, capacity unchanged

Gofore Plc
11 March 2024 at 10.15 am EET
Inside Information

Inside information: Gofore Plc’s Business Review 1-29 February 2024: February net sales 16.3 million euros, capacity unchanged 

Inside information: In February 2024, Gofore’s net sales were 16.3 (15.3) million euros. The last 12 month (LTM) pro forma net sales were 193.7 million euros in February. The Group employed 1,461 (1,342) people at the end of the month. 

CEO Mikael Nylund comments: 

”Our net sales were 16.3 million euros in February. The number of employees and capacity remained on January’s level. As throughout last year’s second half, we continue to cautiously recruit only to match direct customer needs. Finnish winter holiday season partly decreased customer work hours. The amount of free capacity remained too high, and utilization level correspondingly low. 

We have, however, also seen activity in our clientele and new projects have been started. Last August, Gofore was chosen to join a national continuous learning digital service development project. We recently made a related new agreement with the Ministry of Education and Culture on the development and implementation of machine learning and analytics solutions, entailing e.g. prediction model development and data visualization that promote data-based decision making. The length of the project that’s worth about 1.3 million euros to us is two years with an option for one year. This bridge building between studies and working life already has 13 Goforean experts working on it. 

In February, we also made a new significant agreement with Social Insurance Institution of Finland, Kela, on developing a mobile version of the national health database OmaKanta. This is an impactful project for both Kela and all of us Finns. Gofore’s team of six will be an integral part of making this application available, with an agreement for two years plus optional two, and an estimated 1.3 million euros of value for us. 

Collaboration with a major industrial operator from our Intelligent Industry sector also expanded in February by a significant new agreement concerning the acceleration of their R&D-related IoT solution software development for several years going forward. As many as 25 Goforean experts are already working on this strategic account. ”  

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


16.9 (15.8)


1,463 (1,318)

 22 (21)

1,372 (1,225)

147 (186)


16.3 (15.3)


1,461 (1,342)

 21 (20)

1,372 (1,256)

149 (153)

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

 Creanex Ltd’s have been consolidated into Gofore Group’s figures as of 3 July 2023. 

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, as well as other indicators that help track the company’s growth strategy execution with comparison figures, such as the Full Time Equivalent (FTE) numbers that describe overall capacity and the ratio of subcontracting. Gofore publishes IAS34 compliant interim reports quarterly. 

The dates for financial communications in 2024 are available on Gofore’s IR website:


About Gofore Oyj

Gofore is an international digital transformation consultancy with Finnish roots. We have over 1,400 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 2023, our net sales amounted to EUR 189.2 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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