Gofore Plc: Gofore Plc’s Business Review 1 � 28 February 2022: Growth continued in February � Recruitment at a good pace

GOFORE PLC STOCK EXCHANGE RELEASE INSIDE INFORMATION 10 MARCH 2022 AT 15:50

Gofore Plc’s Business Review 1 � 28 February 2022: Growth continued in February – Recruitment at a good pace

Gofore’s net sales in February 2022 amounted to EUR 11.3 million (EUR 8.1 million). The consolidated pro forma net sales for the last 12-month period (LTM) in February amounted to EUR 120.3 million. At the end of the period, the group employed a total of 1015 persons (736 persons).

CEO Mikael Nylund comments:

”Thanks to the growth in our net sales and especially our brisk recruitment rate, the year is off to an excellent start. Also in our customer projects the situation is good, although the invoicing rate has not yet reached the level of the year-end. In the beginning of the year, the invoicing rate has been impacted by high volume in recruiting and by the turn of the year that brings on discontinuity. In addition, our operations have been to some extent affected by the coronavirus pandemic that has gotten worse during the beginning of the year.

In February, we reached a remarkable milestone and can now say that we now officially have over one thousand Goforeans in our crew. Since the beginning of February, we have already welcomed 22 new experts. At the end of February, the number of people in Gofore’s team exceeded the number in the preceding year by 279. Based on the feedback we have received, a successful recruitment is impacted by our corporate culture, a smooth recruiting experience and the opportunity to work with versatile tasks. Many also join our company based on recommendations from other Goforeans.

Russia’s invasion of Ukraine has been a global shock. Like several other communities, also we at Gofore are deeply concerned about the human tragedy and the consequences of the war. The war has no direct impact on Gofore, as our company doesn’t have customers, subcontractors or employees in Ukraine or Russia. To help the Ukranians, we have made a joint donation from the company and from our employees to the Finnish Red Cross.”

In its monthly business reviews, Gofore publishes the net sales and the number of personnel for the month ended, along with the comparison figures, the management’s assessment of the development of business operations during the review period, and other key figures that facilitate the monitoring of the implementation of the company’s growth strategy, e.g. the Full Time Equivalent (FTE) figure as well as subcontracting FTEs. The company will also publish the consolidated pro forma net sales for the last 12-month period (LTM) on a monthly basis.

Additionally, in connection with the business reviews March and September, also EBITA, adjusted EBITA and EBITA, % for the quarter ending in that month, along with the comparison figures are published, as well as details of Gofore’s organic growth during the review period.

Business reviews are published as soon as possible after the figures are confirmed at the beginning of the following month. The exception is the figures for January which are included in the financial statements release and July figures, which are included in the half-year report.

The figures are unaudited.

Month (2022)	Net sales, MEUR (Net Sales 2021) 1	Pro forma LTM Net sales 2	Number of employees 3	Number of working days in Finland (working days 2021)	Full Time Equivalent, FTE4	Subcontracting, FTE5
January	10.8 (7.5)	118.5	993 (727)	20 (19)	917 (697)	147 (109)
February	11.3 (8.1)	120.3	1015 (736)	20 (20)	942 (698)	153 (111)

Unless otherwise stated, all figures presented in brackets refer to the comparison period, i.e. the same time period in 2021. Devecto Oy’s figures have been consolidated with the figures of the Gofore Group as of 3 January 2022. 

1) Net sales, MEUR (net sales in 2021) indicates the unaudited net sales for the relevant month.
2) The consolidated pro forma net sales for the preceding 12 months (LTM) utilised by the company in its business reviews illustrates the net sales under the group structure as at the time of the review. The pro forma net sales figures include the effect of corporate acquisitions and divestments, if any. The pro forma net sales figure is unaudited.
3) Number of employees at the end of the review period.
4) 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 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) 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. The subcontracting of the companies acquired by Gofore has been accounted for as of the date of the acquisition.

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

Gofore Plc is a digital transformation consultancy with over 1000 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.