| Source: Gofore Gofore
STOCK EXCHANGE RELEASE
20 APRIL, 2022 AT 9.15 A.M. EET
Gofore Plc’s Business Review January-March 2022: Gofore’s growth continued and profitability improved – Organic growth 23%, employee number exceeded 1,000
Gofore publishes a compact business review on a monthly basis, and a more comprehensive business review for the first and the third quarter. The business review is attached to this release and can be found on Gofore’s IR website at https://gofore.com/en/invest/. The full review entails e.g. a market review, a long key figure table, an income statement and a balance sheet. This business review is not an IAS 34 compliant interim report, and the numbers are unaudited.
* Earnings per share is equal whether diluted and undiluted.
Devecto Oy’s figures have been consolidated with Gofore Group’s numbers as of 3 January, 2022.
CCEA Finland Oy’s figures have been consolidated with Gofore Group’s numbers as of 1 March 2021.
Qentinel Finland Oy’s figures have been consolidated with Gofore Group’s numbers as of 1 September 2020.
Organic growth is defined by comparing the quarterly net sales in the Group income statement with the net sales of the previous reporting period’s corresponding quarter. The growth is calculated with a comparable Group structure using the Group structure of the time of reporting to calculate pro forma net sales for the corresponding period. The pro forma net sales include the impact of acquisitions and divestments and is unaudited.
CEO Mikael Nylund:
“Our organic growth accelerated further in the first quarter compared with the good year-end we had. This was driven by customer demand that continues to be strong, as well as our excellent success in recruiting. Employee turnover rate is also showing signs of slowing down compared with the challenging year 2021. Sales continued its growth rate especially within the private sector, but we also continued our good efforts on the public sector. What’s worth noting is that we are able to continuously expand our key customer accounts and deepen these good relationships.
What counts in deepening customer relationships is our growing capability. Our important priority in the beginning of the year, integrating Devecto that we acquired last January into Gofore, proceeded as planned. The intelligent industry access that this acquisition enables is a significant contribution to our growth! Also, we’ve been happy to once again find that Gofore is a company that an acquired company is easy to integrate to. Most importantly, we have focused on good management of our joint customers together with the Devecto team.
Russia’s invasion to Ukraine has caused us too concern, and we hope for a fast ending to the human suffering there. Gofore has no business operations in Russia, Belarus or Ukraine. The conflict is, however, possibly expected to have indirect impact through customer business risks.
The COVID19 pandemic has recently been less of a challenge to us, as our entire staff is accustomed to hybrid work. We have had a higher than normal amount of sick leave in the beginning of the year, but the virus has not endangered our service ability or our growth.”
Monthly net sales development in 2022
Unless otherwise stated, comparing figures presented in brackets refer to the corresponding period of the previous year, unless stated otherwise. Devecto Oy’s figures have been consolidated into Gofore Group’s 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 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.
Next financial disclosure
Gofore’s next financial disclosure will be the half-year report for January-June 2022 on Monday, 15 August, before which Gofore publishes monthly business reviews, at the beginning of the following month as soon as numbers are available.
Mikael Nylund, CEO, Gofore Plc
tel. +358 40 540 2280
Gofore Plc is a digital transformation consultancy with over 1,000 impact-driven employees across Finland, Germany, Spain, and Estonia – top experts in our industry who are our company’s heart, brain, and hands. We use our holistic service offering – consulting, coding, design and verification – 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 2021, our net sales amounted to EUR 104.5 million. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Get to know us better at www.gofore.com.