Financial Statement Release 17.2.2023

Inside information: Gofore’s Financial Statements Release January-December 2022: A record year for Gofore – net sales growth 43%, adjusted EBITA +50%

Gofore Plc
Financial Statements Release
17 February 2023 9.00 a.m. EET

Inside information: Gofore’s Financial Statements Release January-December 2022: A record year for Gofore – net sales growth 43%, adjusted EBITA +50%

January-December 2022

  • Net sales grew by 43% and was 149.9 (104.5) million euros. Organic net sales growth, 32%, was very strong.
  • Adjusted EBITA grew by 50% and was 22.0 (14.6) million euros. Profitability was strengthened from comparison period and was 14.7% (14.0%).
  • Number of employees grew by 52% and totaled 1,297 (852) people.
  • A record number of recruited experts, 377 people; 76% growth. Attrition rate significantly lower than previous year.
  • Private sector customer net sales growth was 64%, public sector customer net sales growth 33%.
  • Net sales from outside Finland grew by 77% both organically and with an acquisition, pro forma share of total net sales 15% 1).
  • Impact of rising customer pricing larger than salary changes; customer pricing growth during the year on average +3.5% and average salary change +2,9% 2)
  • Acquired in January, Devecto’s business developed as expected. DACH area business was strengthened by the eMundo acquisition in 11/2022.

July-December 2022 

  • Net sales grew by 47% and was 77.4 (52.8) million euros. Organic net sales growth, 33% continued on a strong growth track.
  • Adjusted EBITA grew by 46% and was 11.3 (7.7) million euros. Profitability was on previous year’s level, improved by the last quarter, 14.6 % (14.6 %).
  • Private sector customer net sales growth was 70%, public sector customer net sales growth 34%. Net sales from outside Finland grew by 104%.
  • Number of employees grew by 223 people in July- December, 21% growth in the half-year period. 
  • Billing rate developed positively and was high especially in the last quarter enabled by strong customer demand. 

October-December 2022

  • Net sales grew by 46% and was 45.7 (31.2) million euros. Organic growth continued strong; 29%.
  • Adjusted EBITA 7.5 (5.0) million euros, 16.5%, growth 51%.
  • Net sales from private sector customers continued its strong growth; +72%. Public sector customer net sales grew by 34%. Net sales from outside Finland more than doubled compared to previous year’s H2; 108%.
  • Number of employees grew to a total of 1,297 (852) people, overall capacity at 1,383 (926) people.
  • eMundo joined the Group on 1 November 2022.
  • Operatively strong quarter, billing rate stayed high.
  • Customer demand was strong to the end of the year and Gofore won several public sector tenders especially with big cities like Helsinki and Tampere. 

1) Including both the Devecto and the eMundo acquisition.
2) Customer pricing and salary changes exclude both acquisitions.

Key Figures 

EUR thousand, unless otherwise specified





Net sales





Change in Net sales, %















Adjusted EBITA





Adjusted EBITA, %















Operating Profit (EBIT)





Operating Profit (EBIT), %





Profit for the period





Earnings per share (EPS), undiluted





Earnings per share (EPS), diluted





Effective dividend yield (DPS/Price), %



Price-Earnings ratio, P/E



Return on equity (ROE), %





Return on investment (ROI), %





Equity ratio, %





Net gearing, %





Number of employees at the end of period





Average overall capacity, FTE





Average subcontracting, FTE





Devecto Oy’s figures have been consolidated in the Gofore Group numbers as of 3 January 2022. eMundo GmbH’s figures have been consolidated in the Gofore Group numbers as of 1 November 2022.  

 1) Net sales, MEUR 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.

CEO’s Review

The 20-year jubilee year 2022 was a very good year for Gofore on all accounts important to us: growth, profitability, and people development. As much as 43% of net sales growth is based on not only successful partnerships and deepening customer relationships, but also a skilled team. Last year, we recruited as many as 377 new Goforeans, which can be seen in our strong organic growth.

Growth was enabled by the brisk customer demand that remained good throughout the year, despite the dark clouds that gathered on the economy sky. We found it important to be able to continue deepening our good customer relationships. During the year, 82% of net sales came from returning customers, which is also a sign of customer satisfaction. The continuous growth of customer size also tells the same message.

Our private sector customer relationships showed especially strong growth of 64%. This was supported by the Devecto acquisition made in the beginning of the year, which successfully complemented our service offering. Many of our customers are industrial companies operating in a global market, and their good success despite many challenges, supported our good demand. Tomorrow’s digitally enhanced products are developed today, and we have been able to successfully help our customers make this happen.

Our strong foundation in the public sector also grew nicely as accustomed to. Its 33% of net sales growth is a sign of us continuing to strengthen our market position and surpassing the previous year’s growth (17%). Digitalising the Finnish society is by no means finished and our work continues.

We exceedingly succeeded to create and expand our business outside Finland, and growth there was a record-like 77%. Our focus has especially been the DACH area, and we have been able to grow our position in that market. Our position will be significantly strengthened by the acquisition of German eMundo that brought us the enforcement of some hundred new Goforeans in an important market area for us.

We want to first and foremost be the best possible workplace for our experts. Hence, we are happy to see both the good recruitment success and a favorably lowered attrition rate of 12%.

Our profitability was further improved, adjusted EBITA standing at 14.7%, enabled by strong operative performance. We managed to improve our position as the customers’ partner, which enabled raising customer pricing well compared the industry. Despite inflation pressures, salary levels stayed healthy thanks to successful recruitment. This favorable equation and the scalability enabled by our growth platform were behind the improved profitability.

Our profitable growth also creates value to shareholders, who some half of our Crew is included in. Gofore has in the recent years risen to the best-in-class companies in the IT service sector and is now considered a peer of bigger as well as international companies.

Gofore does not, however, exist only to produce shareholder value. We also want to be an impactful member of society and promote ethical digitalisation with our own work and enabling the work of others. We will propose the Annual General Meeting 2023 a donation to the Gofore Impact foundation we are planning to start. The generally benefitting foundation would support research and give out donations, aids and grants to various projects. This is an idea I am personally very excited about!

We face the year 2023 as a strong, learning team, who is resilient and agile even at the face of changes. The strategy we renewed together with our staff will continue to be based on Gofore’s long-term strengths. Our new goal is to understand and solve our customers’ challenges on chosen sectors even better than before. We strive to become the very best in the areas that we choose to focus on. I especially wish to thank all Goforeans for a great year, and all other stakeholders in your trust in us.

Mikael Nylund

Board of Director’s proposal for dividends 2022

The parent company’s distributable assets as at 31 December 2022 amounted to EUR 76.2 million, including the profit for the financial period of EUR 12.0 million. The Board of Directors proposes to the Annual General Meeting on 24 March 2023 that based on the balance sheet for the financial period ended on 31 December 2022, dividend be distributed in the amount of EUR 0.34 per share.

At the date of the proposal, there are 15,506,132 outstanding shares that yield dividends, equaling a total of 5.3 million euros in dividend payout. According to the proposal, the rest of the profit for the financial period, 6,7 million euros, will be recognised in the company’s own equity. The proposed dividend is 43.6% of earnings per share.

The 2022 dividend is paid to a shareholder who is on the company’s list of shareholders maintained by Euroclear Finland Oy on the record date. The ex-dividend date is 27 March and record date 28 March 2023. A dividend will not be paid for the shares in the company’s possession on the record date. According to the proposal, dividends are paid on 4 April 2022. 

Significant events after the review period

On 20 January 2023, the Shareholders’ Nomination Board proposes to the Annual General Meeting 2023 that the number of members of the Board of Directors shall be confirmed to be six (6) and that Eveliina Huurre, Mammu Kaario, Piia-Noora Kauppi, Timur Kärki, Tapani Liimatta and Sami Somero be re-elected as members of the Board of Directors for the term ending at the end of the Annual General Meeting of 2024. The Nomination Board also proposes changes in the remuneration of the Chairman and members of the Board.

The entire release:

 January 2023

 January started the year according to expectations. Typical for turn of the year, project discontinuities affected January billing rates as accustomed to, making it lower than the year-end’s good level. Although the good demand of the year-end mainly continued, mild caution has been detected in starting new projects.

Gofore’s net sales in January 2023 were 15.8 million euros (10.8 million euros in January 2022) and LTM pro forma net sales 160.6 million euros. Gofore’s number of employees rose to 1,318 people, overall capacity standing at 1,225, subcontracting full-time equivalent at 186. There were 21 working days in January.

Financial Statements Release Webcast

Gofore’s CEO Mikael Nylund and CFO Teppo Talvinko present the Financial Statements Release in a live webcast on 17 February 2023 at 1 p.m. EET. The webcast is held in English, and it can be watched at  

During the webcast, participants can send questions that will be answered at the end of the webcast. There is no need to RSVP to the event.

The webcast presentation and recording are available after the event on Gofore’s website.  

Gofore’s Annual Report 2022 is published on 2 March 2023. The Financial Statements are available in full at Gofore’s headquarters, Kalevantie 2, 33100 Tampere, Finland.

Further information:

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


Financial Statements Release 2022



About Gofore Oyj

Gofore is an international digital transformation consultancy with Finnish roots. We have some 1,300 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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