Inside information 8.11.2022

Inside information: Gofore Plc’s Business Review 1-31 October 2022: Net sales 14.6 million euros, eMundo acquisition expands international portfolio

Gofore Plc
8 November, 2022 at 2.40 p.m. EET
Inside Information

Inside information: Gofore Plc’s Business Review 1-31 October 2022: Net sales 14.6 million euros, eMundo acquisition expands international portfolio

In October 2022, Gofore’s net sales were 14.6 million euros (10.2 million euros in October 2021). The last 12 month (LTM) pro forma net sales were 141.9 million euros in October. The Group employed 1,159 (827) people at the end of the month.

CEO Mikael Nylund comments:

”In October, Gofore’s business developed much like our strong September. In line with our strategy, our sales efforts were focused on current, big customers, with whom we are planning for continuation of ongoing projects as well as new digitalization projects for next year.

In October, the ”secret sauce” of our sales success with existing customers was publicly awarded Knowledge-driven Leader Act of the year. Gofore manages customer relationships and customer experience with data, according to our Customer 360 concept. Data helps us make customer collaboration and customer value visible to all Goforeans, in real time. This continuously developing way of working is a significant part of the execution of Gofore’s growth strategy!

October’s biggest news is also related to our strategy, according to which we seek growth from acquisitions. On 27 October 2022, we communicated acquiring the entire share capital of digitalisation expert and software company eMundo for 8.0 million euros. The acquisition that was closed on 1 November strengthens Gofore’s position, offering, customer portfolio and growth potential in Germany and German-speaking Europe. eMundo stood out from potential target companies with their excellent customer portfolio with big, industry leading names such as BMW and Germany’s railway operator Deutsche Bahn, who also operate on the automotive industry and public transport that are relatively new to us. I look forward to the growth opportunities this brings!

The number of our employees keeps growing, and our recruiting success matched our expectations in October. The eMundo acquisition brought us over 90 new colleagues in the DACH area in beginning of November. The corona virus endemic that speeded up after the summer has been visible on our sick leave levels, but there was no clear spike in October statistics.

We continue to encourage our staff in locationless work that, in addition to remote work, also entails more and more focus on local communities. This is one of the reasons why in October we set up a small office in Malaga, Spain, where Finnish employees are also welcome. With the eMundo deal we also have e.g. nine offices in eight locations in Germany, Austria and Northern Italy. As we presented in the July September business review, we also continuously develop our domestic network.

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.”

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)

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 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 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.

Further information:

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. 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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