Inside information 8.11.2023

Inside information: Gofore Plc’s Business Review 1-31 October 2023: October net sales 18.7 million euros, caution in recruiting

Gofore Plc
8 November 2023 at 2 pm EET
Inside Information 

Inside information: Gofore Plc’s Business Review 1-31 October 2023: October net sales 18.7 million euros, caution in recruiting 

In October 2023, Gofore’s net sales were 18.7 (14.6) million euros. The last 12 month (LTM) pro forma net sales were 191.3 million euros in October. The Group employed 1,466 (1,159) people at the end of the month.

CEO Mikael Nylund comments: 

”In October, our net sales rose to 18.7 million euros. Our utilization rate was on September’s good level. Utilisation rate differences between expertise areas are slightly on the rise, as certain expertise areas have experienced less customer demand. The Finnish fall break season affected net sales somewhat. There was one more workday in the month than in October 2022. 

As stated in the January-September interim report, we continue to recruit directly for customer needs more than usual. The number of our employees grew by six people in October. At the same time, our own capacity was exceptionally three full-time equivalents smaller because of capacity affecting absences in this period. Subcontractor utilisation was roughly on September’s level, as expected. 

We are making careful individual choices in our business leadership. In October, Gofore Drive’s business director Kimmo Rintala took the helm in Creanex that we acquired in July, from the company’s long-standing Managing Director Markku Pusenius, as he returned to simulator product development.” 

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,



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)


18.1 (13.3)


1,354 (1,043)

23 (23)

1,271 (968)

189 (155)


14.5 (11.5)


1,385 (1,056)

18 (19)

1,293 (988)

187 (156)


17.2 (13.1)


1,400 (1,068)

21 (21)

1,311 (1,004)

192 (163)


15.9 (12.5)


1,396 (1,074)

21 (21)

1,319 (1,015)

170 (162)


5.9 (4.1)


1,423 (1,062)

21 (21)

1,341 (1,004)

83 (78)


16.9 (12.9)


1,448 (1,086)

23 (23)

1,353 (1,016)

166 (156)


18.0 (14.8)


1,460 (1,126)

21 (22)

1,374 (1,060)

186 (183)


18.7 (14.6)


1,466 (1,159)

22 (21)

1,371 (1,092)

184 (186)

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, and Creanex Ltd’s numbers 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 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. Gofore also publishes IAS34 compliant interim reports quarterly.


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 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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