Gofore Plc: Gofore Plc's Business Review 1 July – 30 September 2021: Net sales and profitability improved – Net sales in September surpassed EUR 10 million
October 14 2021 - 12:00AM
Gofore Plc: Gofore Plc's Business Review 1 July – 30 September
2021: Net sales and profitability improved – Net sales in September
surpassed EUR 10 million
GOFORE PLC STOCK EXCHANGE RELEASE INSIDE
INFORMATION 14 OCTOBER 2021 AT 8:00 Gofore Plc's Business
Review 1 July – 30 September 2021: Net sales and profitability
improved – Net sales in September surpassed EUR 10
millionGofore Plc’s net sales in the third quarter of 2021 (1
July – 30 September 2021) amounted to EUR 21.6 million (2020: EUR
16.3 million), totalling a growth of 32.7% from last
year.
The group’s adjusted EBITA for the third quarter
amounted to EUR 2.7 million (EUR 1.9 million), corresponding to
12.5% of net sales (11.5%). The adjusted EBITA for the quarter
increased by 44.3% from last year. The group EBITA for the
quarter amounted to EUR 2.7 million (EUR 1.6 million),
corresponding to 12.5% of net sales (9.7%).
The group's net sales for January–September (1
January – 30 September 2021) were EUR 73.3 million (EUR 53.7
million), up by 36.6%. The group's adjusted EBITA for the period
was EUR 9.6 million (EUR 7.5 million), corresponding to 13.2% of
net sales (14.0%). The group's EBITA amounted to EUR 9.5 million
(EUR 6.5 million), corresponding to 12.9% of net sales
(12.1%).
Gofore’s net sales in September 2021 amounted to
EUR 10.4 million (EUR 8.3 million). At the end of September, the
group employed a total of 814 persons (716 persons).
CEO Mikael Nylund comments:“In September, we
achieved a colossal symbolic milestone, as our monthly net sales
for the very first time surpassed EUR 10 million. Net sales for
September grew by 25% from last year. Most of the growth in
September was organic. Growth for the entire quarter was solid at
32%. Taking into account the summer holiday period included in the
third quarter, also profitability was at a good level. Adjusted
EBITA grew by 44% year-on-year. During the autumn, a
profuse discourse has been ongoing in our industry concerning
recruitment challenges, increased employee turnover and the
post-corona turmoil in the labour market. However, even in
September, we recruited new experts and our number of employees is
increasing steadily, albeit the market situation is not easy. We
have welcomed new faces in many different areas of expertise,
including test automation and advisory services, along with
technical and software development expertise. In the
market relevant to Gofore, the favourable development has persisted
throughout the year and continues to be discernible. The demand for
our services is strong and customers are investing in digital
transformation, undoubtedly partly driven by the experiences gained
during the coronavirus pandemic. The social and
health care reform that is of great importance for us was launched
in Finland in the summer, and is in full swing. In terms of their
backgrounds, the new welfare areas are all at slightly different
starting points both in terms of their capabilities and their
execution. The work has started on a broad front and the areas have
applied for government grants related to the ICT transformation to
support this change. Our experts are also already involved in the
ICT and other projects in several different areas. From
the customer front, I would also like to highlight the nationally
significant AuroraAI development work. In April, we announced that
we had signed an agreement with DigiFinland Oy for the
implementation of a chatbot software platform that
utilises artificial intelligence as part of the national
AuroraAI programme and its implementation phase in
2021–2022. This autumn, our role in implementing the programme
was further solidified, as we agreed with DigiFinland on
chatbot service design and cloud environment development, and,
during the summer and early autumn, our team commenced their work
with the AuroraAI project of the Digital and Population Data
Services Agency in core component development tasks.
The objective of the national AuroraAI programme is to
facilitate citizens’ access to the services of different
organisations in a timely and personalised manner in different
situations of life and to improve the cost-efficiency and
effectiveness of the provision of public services. We have
participated in the programme from the very
beginning. Gofore's investments in developing employee
experience and employer image are consistently reflected in its
success in surveys measuring employer brand. We have ranked in the
top 10 in the Young Professional Attraction Index (YPAI)
2021, which lists Finland's most attractive employers. In the
September survey, we ranked seventh. The survey,
carried out by Academic Work, highlights young people's
desire to work for well-known brands with a promising future
and the reputation of an innovative employer”.
The company complies with the half-yearly
reporting stipulated by the Finnish Securities Market Act. In
addition, Gofore publishes a monthly business review, containing
the net sales and the number of personnel for the month ended,
along with the comparison figures. The reviews also contain other
key indicators and a comparison of the key figures between
different periods, which facilitates the monitoring of the
company’s growth strategy. The featured figures include the Full
Time Equivalent (FTE) overall capacity and the FTE figures for
subcontracting. Furthermore, in connection with the business
reviews for March and September, also EBITA, adjusted EBITA and
EBITA, % for the quarter ending in that month, along with the
comparison figures are published. The figures presented in the
reviews are unaudited. 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. This business review
was not devised in accordance with the IAS 34 Interim Financial
Reporting standard.
The company uses adjusted EBITA as an indicator of
operative profitability. The calculation formulas for the key
figures have been published in Gofore's financial statements for
2020 and can also be found on the company's website under
calculation formulas for key
figures: https://gofore.com/en/invest/gofore-as-an-investment/key-figures/. Quarterly
development
Group |
Q1/20211 |
Q2/2021 |
Q3/2021 |
Q4/2021 |
Net sales, MEUR |
25.2 |
26.4 |
21.6 |
|
EBITA, MEUR, adjusted |
3.5 |
3.4 |
2.7 |
|
EBITA-%, adjusted |
13.9% |
13.0% |
12.5% |
|
Group |
Q1/2020 |
Q2/2020 |
Q3/20202 |
Q4/2020 |
Net sales, MEUR |
18.8 |
18.6 |
16.3 |
24.3 |
EBITA, MEUR, adjusted |
3.2 |
2.5 |
1.9 |
3.3 |
EBITA-%, adjusted |
16.8% |
13.3% |
11.5% |
13.5% |
Growth-% |
Q1/2021 |
Q2/2021 |
Q3/2021 |
Q4/2021 |
Net sales, growth-% |
34.1% |
42.5% |
32.7% |
|
EBITA, adjusted, growth-% |
10.7% |
39.5% |
44.3% |
|
1 CCEA Oy’s figures have been consolidated
into those of the Gofore Group since 1 March
2021. 2 Qentinel Finland Oy figures have been
consolidated into those of the Gofore Group since 1 September
2020. The table is updated as the year
progresses.
Month (2021) |
Net sales,MEUR |
Number of employees at end of period |
Number of working days in Finland |
Overall capacity,FTE1 |
Subcontracting, FTE2 |
September |
10.4 (8.3) |
814 |
22 (22) |
757 |
119 |
August |
8.5 (5.6) |
803 |
22 (21) |
746 |
105 |
July |
2.7 (2.4) |
797 |
22 (23) |
746 |
38 |
June |
9.1 (6.1) |
803 |
21 (21) |
755 |
108 |
May |
8.8 (6.0) |
799 |
20 (19) |
755 |
109 |
April |
8.5 (6.4) |
791 |
20 (20) |
743 |
112 |
March |
9.7 (6.8) |
790 |
23 (22) |
735 |
118 |
February |
8.1 (5.9) |
736 |
20 (20) |
689 |
111 |
January |
7.5 (6.1) |
727 |
19 (21) |
679 |
109 |
Unless otherwise stated, the comparison figures in
brackets refer to the corresponding period of the previous year.
CCEA Oy’s figures have been consolidated with those of the Gofore
Group since 1 March 2021.1 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. 2 The
subcontracting, FTE (Full Time Equivalent) figure shows the overall
amount of subcontracting used in invoiced work, converted into a
value corresponding to the number of full-time
employees. Further enquiries: Mikael Nylund,
CEO, Gofore Plc tel. +358 40 540
2280 mikael.nylund@gofore.comGofore Plc is a digital
transformation consultancy with some 800 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 2020, our net sales amounted to EUR 78 million. Gofore
Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Get
to know us better at www.gofore.com.
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