Inside information: Gofore Plc’s Business Review 1-31 October 2022: Net sales 14.6 million euros, eMundo acquisition expands international portfolio
Gofore Plc
8 November, 2022 at 2.40 p.m. EET
Inside Information
Inside information: Gofore Plc’s Business Review1-31 October2022:Net sales 14.6 million euros, eMundo acquisition expands international portfolio
In October 2022, Gofore’s net sales were 14.6 million euros (10.2 million euros in October 2021). The last 12 month (LTM) pro forma net sales were 141.9 million euros in October. The Group employed 1,159 (827) people at the end of the month.
CEO Mikael Nylund comments:
”In October, Gofore’s business developed much like our strong September. In line with our strategy, our sales efforts were focused on current, big customers, with whom we are planning for continuation of ongoing projects as well as new digitalization projects for next year.
In October, the ”secret sauce” of our sales success with existing customers was publicly awarded Knowledge-driven Leader Act of the year. Gofore manages customer relationships and customer experience with data, according to our Customer 360 concept. Data helps us make customer collaboration and customer value visible to all Goforeans, in real time. This continuously developing way of working is a significant part of the execution of Gofore’s growth strategy!
October’s biggest news is also related to our strategy, according to which we seek growth from acquisitions. On 27 October 2022, we communicated acquiring the entire share capital of digitalisation expert and software company eMundo for 8.0 million euros. The acquisition that was closed on 1 November strengthens Gofore’s position, offering, customer portfolio and growth potential in Germany and German-speaking Europe. eMundo stood out from potential target companies with their excellent customer portfolio with big, industry leading names such as BMW and Germany’s railway operator Deutsche Bahn, who also operate on the automotive industry and public transport that are relatively new to us. I look forward to the growth opportunities this brings!
The number of our employees keeps growing, and our recruiting success matched our expectations in October. The eMundo acquisition brought us over 90 new colleagues in the DACH area in beginning of November. The corona virus endemic that speeded up after the summer has been visible on our sick leave levels, but there was no clear spike in October statistics.
We continue to encourage our staff in locationless work that, in addition to remote work, also entails more and more focus on local communities. This is one of the reasons why in October we set up a small office in Malaga, Spain, where Finnish employees are also welcome. With the eMundo deal we also have e.g. nine offices in eight locations in Germany, Austria and Northern Italy. As we presented in the July September business review, we also continuously develop our domestic network.
Our operating environment is unchanged from the July-September business review, and the estimates on our near-term risks and their direct impacts on Gofore also remain the same.”
Key Figures
The numbers are unaudited.
| Month (2022) | Net sales, MEUR (Net sales 2021)1 | Pro forma LTM Net sales2 | Number of employees at end of period3 | No. of working days in Finland | 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 | 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) |
| July | 4.1 (2.7) | 131.8 | 1,062 (797) | 21 (22) | 1,004 (746) | 78 (38) |
| August | 12.9 (8.5) | 135.2 | 1,086 (803) | 23 (22) | 1,016 (746) | 156 (105) |
| September | 14.8 (10.4) | 138.5 | 1,126 (814) | 22 (22) | 1,016 (757) | 183 (119) |
| October | 14.6 (10.2) | 141.9 | 1,159 (827) | 21 (21) | 1,092 (763) | 186 (133) |
Unless otherwise stated, comparing figures presented in brackets refer to the corresponding period of the previous year. 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.
Gofore’s financial reporting
In its monthly business review, Gofore discloses its monthly net sales, last twelve-month pro forma net sales and number of employees with comparison figures, as well as other indicators that help evaluate the company’s growth strategy execution, such as the Full Time Equivalent (FTE) numbers that describe overall capacity and the ratio of subcontracting.
In its quarterly business reviews, Gofore also discloses its EBITA, adjusted EBITA and EBITA-% for the quarter in question along with comparison figures, its organic growth number for the reporting period, and e.g. income statement and balance sheet.
Business reviews are published as soon as possible after the numbers are confirmed at the beginning of the following month, with the exceptions of January’s numbers, included in the full-year financial statements release, March numbers, included in the January-March review, and July numbers, included in the half-year report.
Further information:
Mikael Nylund
CEO, Gofore Plc
tel. +358 40 540 2280
mikael.nylund@gofore.com
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. In 2022, Gofore is celebrating its 20th anniversary. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Get to know us better at www.gofore.com.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
GlobeNewswire by notifiedGlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
DNO Initiates Share Buyback Program8.12.2022 20:47:01 CET | Press release
Oslo, 8 December 2022 – DNO ASA, the Norwegian oil and gas operator (the "Company"), today announced the initiation of a share buyback program (the "Program") through which the Company will repurchase up to 53,107,326 shares, representing approximately five percent of total shares outstanding, for a maximum total consideration of USD 80 million. The Program will be conducted in accordance with article 5 of the Market Abuse Regulation (EU) No 596/2014, as adopted in the Norwegian Securities Trading Act of 2007, ancillary regulations and the Oslo Stock Exchange's Guidelines for buyback programmes and price stabilisation of February 2021. Buyback transactions will be executed at market prices on the Oslo Stock Exchange. The Program will be managed by Arctic Securities AS, which will make its trading decisions in relation to the Program independently of the Company; this may result in DNO acquiring shares through periods where the Company otherwise would have been restricted from doing so.
Park Place Technologies Acquires CentricsIT Global Services Division8.12.2022 20:35:38 CET | Press release
Purchase Strengthens Park Place as Global Leader for all IT Infrastructure Solutions, as Economy and Skills Gap Challenges Impact Global Business. CLEVELAND, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Park Place Technologies, the leading global data center and networking optimization firm, has acquired the TPM and Professional Services assets of CentricsIT, an IT services provider based in Atlanta, Georgia. The demand for Professional Services is growing globally, driven by economic conditions and skills gaps. Park Place’s Professional Services offering will benefit from the acquisition with greater capabilities in IMAC, ITAD, Remote Hands, and deployment services, including cabling, wi-fi surveys, data center installs and refreshes, and network installations. Park Place clients will benefit from a state-of-the-art Professional Services portal developed by CentricsIT that provides real-time project status, reporting, and collaboration tools. Park Place’s Project Management Office function will
Lumina Datamatics Acquires UK-based Sunrise Setting Ltd.8.12.2022 20:15:35 CET | Press release
MILTON KEYNES, United Kingdom, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Lumina Datamatics UK Ltd. signed a definitive agreement to acquire a controlling stake in UK-based Sunrise Setting Ltd., a boutique company based in Brixham, UK, supporting academic and other publishers including non-publisher organizations to produce more than 500 publications each year. “The acquisition of Sunrise Setting Ltd. deepens our commitment to our current customers, and also fits with our strategic growth plan. Sunrise Setting Ltd.’s customers will benefit greatly from our broad range of publishing and technology solutions. The depth and experience of Sunrise Setting Ltd. will enhance Lumina Datamatics’ presence in the UK and EU regions and will help us gain a competitive advantage in the publishing space,” said Sameer Kanodia, Managing Director & CEO of Lumina Datamatics. “There is clear alignment with our company offerings and we are looking forward to taking advantage of the synergies resulting from our coll
BioGX Launches 'pixl™' Portable qPCR Platform Ex-US With Expanded Test Menu for Infectious Diseases8.12.2022 20:00:00 CET | Press release
BIRMINGHAM, Ala., Dec. 08, 2022 (GLOBE NEWSWIRE) -- BioGX, a global provider of easy molecular diagnostic solutions since 2007, announced the Ex-US commercial release of its portable pixl™ qPCR real-time PCR platform for use with BioGX CE-IVD marked assays, enabling global access and complementing the recent US FDA EUA expanded use of Xfree™ COVID-19 Direct RT-PCR on the pixl. The pixl instrument is a benchtop 4-channel, 16-well, RT-PCR instrument that supports rapid turnaround times for batches of up to 16 samples, with integrated results interpretation on a device with the compact footprint of a touchpad. "pixl, combined with our unique Xfree chemistry, offers a low-cost direct-sample-to-answer PCR solution on a portable, compact device. pixl will provide broader access to clinical laboratories for decentralized PCR testing, enabling faster, better, low-cost near-patient molecular diagnostics," said Shazi Iqbal, Ph.D., CEO of BioGX. This platform was previously CE-IVD marked and can
Notification under Chapter 9, Section 10 of the Finnish Securities Market Act: holdings of The Goldman Sachs Group, Inc. in Nokia Corporation exceeded 5%8.12.2022 19:00:00 CET | Press release
Notification under Chapter 9, Section 10 of the Finnish Securities Market Act: holdings of The Goldman Sachs Group, Inc. in Nokia Corporation exceeded 5% Nokia Corporation Stock Exchange Release 8 December 2022 at 20:00 EET Notification under Chapter 9, Section 10 of the Finnish Securities Market Act: holdings of The Goldman Sachs Group, Inc. in Nokia Corporation exceeded 5% According to a notification received under Chapter 9, Section 5 of the Finnish Securities Market Act (FSMA) by Nokia Corporation, the direct and indirect holdings of The Goldman Sachs Group, Inc. in Nokia have on 2 December 2022 exceeded 5% of the total number of shares and voting rights of Nokia. According to the notification received by Nokia, the holdings of The Goldman Sachs Group, Inc. in Nokia on 2 December 2022, directly and through its controlled undertakings and funds was equivalent to a total of 293,966,891 shares, corresponding to approximately 5.22% of the total number of shares and voting rights of Nok