Net sales

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

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

Gofore Plc Business Review June 1-30, 2022: Half-year turnover increased by 40% – New agreements in June with for example Ministry of Agriculture and Forestry and City of Helsinki

In June 2022Gofore’s net sales were 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 in June. The Group employed 1,074 (803) people at the end of the month.

Net sales from January to June increased by 40% to reach €72.5 million of €51.7 million in the corresponding period in 2021. Gofore’s net sales in April-June were €37.1 million (€26.4 million in Q2/2021), also posting a growth of 40%. 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 the agencies under the Finnish Ministry of Agriculture and Forestryas part of a vast call for tenders for IT services launched by the National Survey of Finland; as the number one priority position in cloud development and expert services, and as a testing contractor to our long-time collaborator, Know Oy. You can find a link to the client version on this at the end of this review.

In this tender, customers emphasized secure and reliable digital services and expertise in cloud and artificial intelligence technologies. Besides the ministry itself, it involved the National Survey of Finland, the National Resource Institute Finland and Metsähallitus (state forest enterprise). The work they do for the environment and natural resources develops renewable, competitive and sustainable energy. 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 whole arrangement 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 is also deepened, since our expertise as a designer of services and operations will be mobilized by the city within the framework of a new framework agreement. Gofore is involved in the framework agreement worth a total 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 noticeable in the Virtual Finland project for the Ministry of Foreign Affairs of Finland, to whom we offer a development team for a test environment. This project aims to create a digital immigration service infrastructure for Finlandfacilitating the entry and installation of companies, employees and students Finland.

Continuing and expanding our long-term customer relationships in even closer collaboration is one of our important goals which materialized in June with, for example, the Agency for digital services and demographic data, University of Helsinki and CSC – Computer Center for Science. We will help the university in the development of agile software, and for the Digital Services and Demographic Data Agency, we will provide expert services in data management and 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 euros appraisal agreement with CSC concerning 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 usual in Finland in 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
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)

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 revenue includes the impact of acquisitions and divestitures and is 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 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 full-time equivalent (FTE) figures describing overall capacity and outsourcing ratio.

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 NylundCEO, Gofore Plc
Phone. +358 40 540 2280
[email protected]

Gofore Plc is a digital transformation consultancy with over 1,000 impact-focused employees across Finland, Germany, Spainand Estonia – the best experts in our industry who are the heart, the brains and the hands of our company. 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 shares are listed on Nasdaq Helsinki Ltd. in Finland. Get to know us better at

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