Net sales

Gofore Plc Business Review June 1-30, 2022: Half-Year Net Sales Up 40%

Gofore Plc
Stock Exchange press release
July 8, 2022 at 11 a.m. EET
Inside information

Review of Gofore Plc’s business June 1-30, 2022: Half-yearly net sales increased by 40% – New agreements in June with, for example, the Ministry of Agriculture and Forestry and the City of Helsinki

In June 2022, Gofore’s turnover was 12.5 million euros (9.1 million euros in June 2021). Pro forma net sales for the last 12 months (LTM) were 130.8 million euros in June. The Group employed 1,074 (803) people at the end of the month.

Net sales in January-June increased by 40% to EUR 72.5 million, compared to EUR 51.7 million for the corresponding period in 2021. Gofore’s net sales in April-June were 37, 1 million euros (26.4 million euros in Q2/2021), also showing 40% growth. Gofore’s semi-annual report will be published on August 15, 2022.

CEO Mikael Nylund comments:

“We are very pleased with a successful month of June and the substantial growth in our first half. Gofore’s mission to promote ethical digitalization gained momentum in June with exciting new contracts that all outline the impact we want our work to have. On the sales side, the month of June was exceptionally busy, which bodes well for the rest of the year.

For example, we have been chosen as a partner of agencies under the Finnish Ministry of Agriculture and Forestry, in the context of a large tender for IT services conducted by the National Land Survey of Finland; as a number one priority position in cloud development and expert services, and as a subcontractor in testing to our long-time collaborator, Knowit Oy. You can find a link to the client version on this at the end of this exam.

In this tender, customers emphasized secure and reliable digital services and expertise in cloud and artificial intelligence technologies. In addition to the ministry itself, it involved the National Land Survey of Finland, the National Resources Institute of Finland and Metsähallitus (a state forestry enterprise). The work they do for the environment and natural resources develops a renewable, competitive and sustainable Finland.

The duration of the agreement is four years with an optional period of two years, after which the parties will enter into their individual framework agreements. The entire assembly is worth 188 million euros. Although it is not easy for us to assess the value of such a multi-operator tender, our objective is to ensure that Gofore’s share amounts to a few million euros per year.

As announced in June, our cooperation with the City of Helsinki has also deepened, as our service and operations design expertise will be leveraged by the city under a new framework agreement. Gofore is involved in the framework agreement for a total amount of 22 million euros, in the field of digital service design as well as organizational design. It is all the more encouraging for us that we have been investing resolutely in our design expertise for many years and that we employ more than a hundred design professionals. This project focuses on the ethical and inclusive development of services, which we find important.

The social impact is also visible in the Virtual Finland project of the Ministry of Foreign Affairs of Finland, to which we offer a development team for a test environment. This project aims to create a digital immigration service infrastructure for Finland, making it easier for companies, employees and students to enter and settle in Finland.

Continuing and expanding our long-term customer relationships in even closer collaboration is one of our important goals which came to fruition in June with, for example, the Digital and Demographic Services Agency, the University of Helsinki and the CSC – IT Center for Science. We will assist the university in the development of agile software, and for the Digital and Demographic Services Agency, we will provide expert services in data management and data security. As we mentioned in our January-March review, cybersecurity is a long-term trend, whose expertise is in high demand. We were also pleased to recently announce the €12 million expertise contract with CSC for the Digivisio 2030 project. Our sales to the private sector continued their positive development in June.

The number of sick leave caused by the corona virus remained at the May level in June, i.e. fluctuating, but not increasing. Recruitment activity has slowed down as is customary in Finland during the summer, but many new top talents will join us after the holiday season.

The estimates we have given previously on our long-term risks remain unchanged.

Press release on the design agreement with the city of Helsinki:

The Stock Exchange press release on the SCC agreement:

Key figures

Figures are unaudited. In the table below, we have corrected the full-time equivalent numbers that we had incorrectly reported in the March and April activity reviews as 959 for March and 980 for April.


Net sales, MEUR (Net sales 2021) 1

Proforma LTM
Net sales 2

Number of employees at the end of the period 3

Number of working days in Finland

Full-time equivalent,

Subcontracting, ETP5


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)

Unless otherwise indicated, the comparative figures presented in parentheses refer to the corresponding period of the previous year. Devecto Oy figures have been consolidated into Gofore Group 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 pro forma net turnover of the last twelve months (LTM) used by the company indicates the net turnover for the structure of the group at the time of reporting. Pro forma net sales include the impact of acquisitions and divestitures and are unaudited.
3) Number of employees at the end of the review period.
4) Overall capacity, FTE (Full Time Equivalent) indicates the overall capacity of the Group’s personnel, converted into a value corresponding to the number of full-time employees. The figure includes all staff, regardless of their role. This figure is not affected by annual leave, overtime compensatory leave, sick leave or other short-term absences. A part-time arrangement and other long-term deviations from normal working hours reduce the amount of overall capacity relative to the total number of employees. The personnel capacity of business acquisitions was accounted for at the date of acquisition.
5) Subcontracting, the FTE (Full Time Equivalent) figure shows the overall amount of subcontracting used in billable work, converted to a value corresponding to the number of full-time employees. The sub-contracting of companies acquired by Gofore was accounted for at the date of acquisition.

Gofore financial reports

In its monthly business report, Gofore discloses its monthly net sales, its pro forma net sales for the last ten months and the number of employees with comparison figures, as well as other indicators to assess the execution of the company’s growth strategy, such as the full-time equivalent (FTE) that describes the overall capacity and outsourcing rate.

In its quarterly business reviews, Gofore also discloses its EBITA, Adjusted EBITA and EBITA-% for the quarter in question together with comparison figures, its organic growth figure for the reference period, and for example the account results and the balance sheet.

Business reviews are published as soon as possible after figures are confirmed at the beginning of the following month, with the exception of January figures, included in the publication of the annual financial statements, March figures, included in the January- March, and July figures, included in the half-yearly report.

Mikael Nylund
CEO, Gofore Plc
Phone. +358 40 540 2280
[email protected]

Gofore Plc is a digital transformation consultancy with over 1,000 impact-focused employees in Finland, Germany, Spain and Estonia – our industry’s top experts who are the hearts, brains and hands of our business. We use our holistic service offering – consulting, coding, design and verification – as tools to drive positive change. We take care of our employees, our customers and the world around us. Our values ​​guide our business: Gofore is a great place to work that thrives on the success of its customers. In 2021, our net sales amounted to €104.5 million. In 2022, Gofore celebrates its 20th anniversary. Gofore Plc’s stock is listed on Nasdaq Helsinki Ltd. in Finland. Get to know us better at