Inside information 11.1.2023

Inside information: Gofore Plc’s Business Review 1-31 December 2022: Net sales 13.9 million euros, full-year net sales growth 43%

Gofore Plc
11 January 2023 at 12.50 p.m. EET
Inside Information 

Inside information: Gofore Plc’s Business Review 1-31 December 2022: Net sales 13.9 million euros, full-year net sales growth 43% 

Inside information: In December 2022, Gofore’s net sales were 13.9 million euros (9.7 million euros in December 2021). The Group’s net sales for 2022 were 149.9 million euros (104,5 million euros in 2021). The last 12 month (LTM) pro forma net sales were 155.9 million euros in December. The Group employed 1,297 (852) people at the end of the month. The numbers include eMundo GmbH that was consolidated into the Group on 1 November 2022.  

CEO Mikael Nylund comments: 

”December was a fine ending to our year. With December, our full-year net sales nearly reached a 150 million euros and altogether 43% of growth. All Goforeans and our customers are to thank for an excellent year 2022.   

As is typical for year-ends, there were many customer tenders. The development of our smart city industry was one of these December sales highlights, as we got two new significant deals with our current customers, the cities of Helsinki and Tampere.

Our collaboration with the City of Helsinki is deepened to widely concern the development of digital city services as well as community planning. The agreement is a two-year one and its value to us is an estimated five million euros, and it will be valid until further notice also beyond 2024.  

We will also continue our long partnership with the City of Tampere. The newest frame agreement enables a collaboration, where developing digital tools and community services is expanded to us also offering user experience related expert services. This agreement is for two years, with an optional extension of two years.  

Other significant deals in December include tenders won with Finnish Medicines Agency Fimea and the Digital and Population Data Services Agency. Fimea chose Gofore as its contract supplier of Microsoft expert resources in a tender within its dynamic procurement system 2021-2025. This project combines Gofore’s data and artificial intelligence and design expertise, as we will build a Microsoft product based data storage solution from beginning to the end. We will also take care of further development and maintenance.

The Digital and Population Data Services Agency, our long-term customer, chose us for expert services in change and services management, to develop their operations and operating models in the implementation of a new service management model for three plus two years.

Our staff numbers keep growing, and our recruiting success was as expected in December. During the year, we have been able to create organic growth by improving both our employer appeal and retention power. The number of our employees grew by 28% excluding acquisitions in 2022, whereas in 2021 the growth was 11%. During the year, we recruited a record number of experts, 377 people, which translates to 76% more than the previous year. Our retention power can be seen in our declining attrition rate; 12% (17%) at year-end. It’s vital to us that our skilled experts are happy with us and continuously have meaningful work!

Our recently published, updated company-specific collective agreement strengthens our position in building the working life of the future. The updates are mostly related to further enhancing family leave benefits, and including Devecto’s staff in the agreement, which means it now concerns over a thousand people. The salary settlement that involves our entire Finnish staff within the agreement remained the same. In an operating environment challenged by inflation, our salary development continues to be based on Gofore’s growth and profitability, in other words our joint success.  

Our sick leaves increased again in December, and as it seems now, a strong flu season continues in January.

Our outlook remains positive, and our estimates on short-term risks and uncertainty factors and their direct impacts on Gofore have not changed from the ones we gave in the fall. We are excited for this to be an excellent new year!”

Read more on the collective agreement update:

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


10.8 (7.5)


993 (727)

20 (19)

     917 (697)

147 (109)


11.3 (8.1)


1,015 (736)

20 (20)

942 (698)

153 (111)


13.3 (9.7)


1,043 (792)

23 (23)

968 (735)

155 (118)


11.5 (8.5)


1,056 (791)

19 (20)

988 (743)

156 (112)


13,1 (8.8)


1,068 (799) 

 21 (20)

1,004 (755)

163 (109)


12.5 (9.1)


1,074 (803)

21 (21)

1,015 (755)

162 (108)


4.1 (2.7)


1,062 (797)

21 (22)

1,004 (746)

78 (38)


12.9 (8.5)


1,086 (803)

23 (22)

1,016 (746)

156 (105)


14.8 (10.4)


1,126 (814)

22 (22)

1,016 (757)

183 (119)


14.6 (10.2)


1,159 (827)

21 (21)

1,092 (763)

186 (133)


17.2 (11.3)


1,292 (846)

22 (22)

1,198 (784)

199 (152)


13.9 (9.7)


1,297 (852)

20 (21)

1,210 (789)

173 (137)

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 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.

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

About Gofore Oyj

Gofore Plc is a digital transformation consultancy with some 1,300 impact-driven employees across Finland, Germany, Austria, Italy, 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 2022, our net sales amounted to EUR 149.9 million. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Get to know us better at

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