UK Markets open in 4 hrs 20 mins

Gofore Plc: Gofore Plc's Business Review 1–31 October 2020: Strong net sales growth

Gofore Oyj
·4-min read

GOFORE PLC COMPANY ANNOUNCEMENT 10 NOVEMBER 2020 AT 10.45

Gofore Plc's Business Review 1–31 October 2020: Strong net sales growth

Gofore’s net sales in October 2020 were EUR 8.7 million (2019: EUR 6.6 million). The Group had a total of 718 employees (580 employees) at the end of the period.

CEO Mikael Nylund comments:

“In October, our business developed in line with September. Net sales grew by more than 30% from the corresponding period in the previous year, even with one less working day in October this year. Our billing rate continued to improve, and growth was also achieved through collaboration with our partners, with substantial growth in subcontracting.

There were positive developments on the customer front. We bid for technology consulting and project management services for the Finnish Broadcasting Company (Yleisradio Oy) in a public tender. We were selected as the primary service provider for both areas. As a Group, we performed well. The estimated value of the procurement is EUR 3 million over an agreement period of four years.

With DigiFinland, which develops public digital services, we have agreed on the delivery of usability testing of information systems and services for the next four years (an agreement period 2 + 1 + 1 years). We are excited to be involved in ensuring that services which all Finns will become familiar with are both easy to use and fit for purpose. The value of the agreement over the agreement period is approximately EUR 0.5 million.

We are also involved in the GovCloud cloud project for the government of Iceland, which aims to promote the use of public cloud services in public administration. In the project, we consult in cloud strategy and technology, utilising the extensive experience we have gained in Finland in similar projects. We hope that, correspondingly, we can also utilise the experience we have gained from abroad in the development of the Finnish digital society”.

In the Business Reviews, in addition to the month's net sales, the net sales of the corresponding month in the previous year is published. The reviews also include key indicators that further facilitate transparency of the company's growth strategy and comparisons between different periods. Reporting has been supplemented with the Full Time Equivalent (FTE) figure as well as subcontracting FTEs. Additionally, in the monthly Business Reviews for the quarter ending in March and September, the company publishes the Group's adjusted EBITA and adjusted EBITA-% as well as corresponding figures for the same period in the previous year.

The figures are unaudited.

The table is updated as the year progresses.

Month
(2020)

Net sales, MEUR (net sales 2019)1

Number of
employees2

Number of working days in Finland

Overall capacity,
FTE3

Subcontracting
FTE4

October

8.7 (6.6)

718

22

663

127

September

8.3 (5.9)

716

22

666

107

August

5.6 (5.3)

612

21

579

64

July

2.4 (2.2)

609

23

569

33

June

6.1 (5.1)

610

21

579

71

May

6.0 (6.2)

606

19

572

75

April

6.4 (5.5)

596

20

559

80

March

6.8 (6.1)

585

22

549

73

February

5.9 (5.3)

578

20

539

68

January

6.1 (5.2)

587

21

548

60

1 Net sales, MEUR (net sales in 2019), reports net sales (unaudited) for that month.
2 The number of employees at the end of the review period.
3 The 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 agreements and other long-term deviations from normal working hours reduce the amount of overall capacity in comparison with the total number of employees.
4 The 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.

Further information:
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 Finland-based digitalisation specialist with international growth plans. Together with our customers, we are pioneering an ethical digital world. We're made up of over 700 impact-driven people across Finland, Germany, Spain 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 2019, our net sales amounted to EUR 64.1 million. Gofore Plc's shares are quoted in the Nasdaq First North Growth Market Finland. Learn more: www.gofore.com.