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Gofore Plc: Gofore revises its long-term financial targets and evaluates year 2020

Gofore Plc: Gofore revises its long-term financial targets and evaluates year 2020

GOFORE PLC COMPANY ANNOUNCEMENT 20 DECEMBER 2019 AT 9.00

Gofore revises its long-term financial targets and evaluates year 2020
 
Gofore set long-term financial targets when listing on the Nasdaq First North Growth Finland marketplace in the fall of 2017. The company announced then that it is pursuing net sales growth exceeding the growth of the target market, estimated to be an annual 15–25 percent in the next few years, and an EBITA margin of 15 percent. The target market refers to digital services, including the development of new digital services.

Gofore Plc’s Board of Directors has stated that exceeding the growth of the market and a 15 percent EBITA margin remain good targets. However, the company’s Board of Directors estimates that in 2019, the market has not grown as anticipated, but has remained at 10 percent approximately. In addition, the Board estimates that the target market will continue to grow in the next few years, but not exceeding 10 percent level, in general and in the ICT service sector as a whole.

Based on these views, Gofore, as its new long-term financial target, is pursuing net sales growth exceeding the growth of the target market and an operating profit before goodwill amortization (EBITA) margin of 15 percent.

The Board of Directors estimates that the company will continue to grow, driven by good customer demand in 2020.

Further enquiries: 
Mikael Nylund, CEO, Gofore Plc 
tel. +358 40 540 2280 
mikael.nylund@gofore.com 

Certified Adviser: Evli Bank Plc, tel. +358 40 579 6210  

Gofore Plc is a Finnish digitalisation specialist with international growth plans. We’re made up of some 580 people across Finland, Germany, Spain, United Kingdom and Estonia – top experts in our industry who are our company’s heart, brain, and hands. We use consulting, coding and design 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 2018, our net sales amounted to EUR 50.6 million. Gofore Plc’s shares are quoted in the Nasdaq First North Growth Market Finland. Learn to know us better at www.gofore.com.