Inside information 12.12.2022

Inside information: Gofore Plc’s Business Review 1-30 November 2022: Net sales 17.2 million euros, year on year growth over 50%

Gofore Plc
12 December 2022 at 1.25 p.m. EET
Inside Information

Inside information: Gofore Plc’s Business Review 1-30 November 2022: Net sales 17.2 million euros, year on year growth over 50%

Inside information: In November 2022, Gofore’s net sales were 17.2 million euros (11.3 million euros in November 2021). The last 12 month (LTM) pro forma net sales were 153.3 million euros in November, including the numbers of eMundo GmbH that was consolidated into the Group on 1 November 2022. The Group employed 1,292 (846) people at the end of the month, including eMundo’s employees.

CEO Mikael Nylund comments:

”November continued in the 2022 spirit of excellent growth for us. This time, a special mention from our sales activities goes to our cyber security services that have been in great demand all year. We have recently enhanced our capabilities in this area. Hence, in November, we won e.g. an 0.5 million euro tender of expert services in cyber security and data protection for the Finnish Legal Register Centre.

The number of our staff keeps growing, and our recruitment success was as expected in November. The eMundo acquisition brought us 96 new colleagues in the DACH area in the beginning of November, and our other staff grew by almost 40 people. In November, I visited eMundo’s biggest offices and found that the staff has welcomed the acquisition warmly and sees development opportunities in a bigger, international community. We will continue to map out a common future with eMundo, who will continue as an independent company.

Gofore’s customer satisfaction was measured a while ago, and the results we got in November show that the overall satisfaction is 4.1 (4.3) points, net promoter score being a good 43 (52). Gofore is also more and more recognised outside our clientele for our comprehensive offering and as a company overall. In November, we got new research on our brand awareness that has improved since the last survey in 2020. Made among IT industry decision makers, the survey’s finest result is that Gofore was considered the preferred company out of 15 peer companies.

Our operating environment is unchanged from the July-September business review, and the estimates on our near-term risks and their direct impacts on Gofore also remain the same as in the fall.

We can soon wind down to the upcoming holidays. I am especially hoping for a peaceful time for people that have been deprived of peace has this year. I wish everyone happy holidays!”

Key Figures

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 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)
June 12.5 (9.1) 130.8 1,074 (803) 21 (21) 1,015 (755) 162 (108)
July 4.1 (2.7) 131.8 1,062 (797) 21 (22) 1,004 (746) 78 (38)
August 12.9 (8.5) 135.2 1,086 (803) 23 (22) 1,016 (746) 156 (105)
September 14.8 (10.4) 138.5 1,126 (814) 22 (22) 1,016 (757) 183 (119)
October 14.6 (10.2) 141.9 1,159 (827) 21 (21) 1,092 (763) 186 (133)
November 17.2 (11.3) 153.3 1 292 (846) 22 (22) 1,198 (784) 199 (152)

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

In its quarterly interim reports, 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.

Monthly business reviews are published as soon as possible after the numbers are confirmed 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.

The financial calendar and Annual General Meeting date for 2023 has been published and can be found on the investor relations website at

Further information:

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

Gofore Plc is a digital transformation consultancy with some 1,300 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. In 2022, Gofore is celebrating its 20th anniversary. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Get to know us better at

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