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GOFORE PLC SHARE RELEASE INSIDE INFORMATION JULY 8, 2021 at 10:30 am

Gofore Plc Business Review June 1-30, 2021: Growth Continues in June, Net Sales Up 38% in H1 2021

Gofore Plc’s net sales in June 2021 were EUR 9.1 million (2020: EUR 6.1 million). At the end of the period, the group employed a total of 803 people (610 people).

Net sales for the first half of 2021 increased by 38% to EUR 51.7 million (EUR 37.4 million) compared to the corresponding period in 2020. Net sales for the second quarter of 2021 (April 1 – June 30, 2021) amounted to EUR 26.4 million (EUR 18.6 million) and rose by 43%.

CEO Mikael Nylund comments:

“We made strong progress in June. The increase in our billing rate to commendable levels and buoyant continued customer demand contributed in part to our June net sales increase over the same period last year. Net sales increased 48% in June last year and amounted to EUR 9.1 million.

On the customer side, the most significant single customer gain was the automation of the enforcement system of the Legal Register Center in Finland. We support the use of advanced data analytics to locate assets and income hidden by the shadow economy, thereby strengthening the prevention of shadow economy and white-collar crime. The framework agreement includes an option for expert services in the areas of robotics, analytics and artificial intelligence. The total estimated value of the agreement is around EUR 1.5 million over a four-year contract period (contract period 2 + 2 years). Cooperation with the Legal Register Center has continued since 2013.

At the beginning of July, the National Agency for Education decided to award services for the maintenance and development of services related to language and translator qualifications and legal interpreter registers. Over the eight-year term of the contract, the estimated value of the cooperation amounts to just under EUR 0.6 million per year. The services are provided jointly with our partner Cybercom Finland, with both companies accounting for approximately half of the provision of the services under the agreement. The agreement comes into force at the end of the two-week objection period that is still in force. We have been working with the National Agency for Education for 10 years.

The legislative package passed by the Finnish Parliament in June initiated a reform of social and health care in Finland. The social areas established at the beginning of July will take over their new statutory tasks from the beginning of 2023. The implementation of IT solutions, which are fundamental to quality and efficiency, is crucial for the new organizations to prepare their operations. The more than 200 experienced consultants from Gofore offer exactly the right assistance in the implementation of organizational and IT solutions. In the initial phase, the focus is on IT environments, procurement and project management, procurement expertise and employee-oriented change management. We therefore expect that the social and health reform towards the end of the year will increase the demand for our services in the course of the progressive establishment of the social rooms.

A successful June ended our second quarter. Our net sales for the quarter ended June amounted to EUR 26.4 million, while net sales for the comparable period were EUR 18.6 million. Our sales in the entire first half of the year rose by 38% to EUR 51.7 million. That is a growth rate with which we can be satisfied and start the Christmas season in a good mood. “

In its business reviews, Gofore publishes its monthly workforce and net sales along with comparable information. The reviews also include other key indicators that further help monitor the company’s growth strategy and make a comparison between different time periods. The reporting was supplemented by the number of full-time equivalents (FTEs) and the FTEs of subcontractors. In addition, in the monthly business reviews for the quarter ending in March and September, the company publishes the Group’s EBITA, adjusted EBITA and adjusted EBITA% as well as corresponding figures for the same period of the previous year.

The numbers are unchecked.

The table will be updated during the year.

Unless otherwise stated, the comparative figures in brackets refer to the corresponding period of the previous year. The figures of CCEA Oy have been consolidated with those of the Gofore Group since March 1st, 2021.

1 The total capacity, FTE (Full Time Equivalent) shows the total capacity of the group’s employees, converted into a value corresponding to the number of full-time employees. The number includes all staff, regardless of their function. The number is not influenced by annual leave, overtime compensation, sick leave or other short-term absences. Part-time agreements and other long-term deviations from normal working hours reduce the total capacity compared to the total number of employees.
2 The number of subcontracting, FTE (full-time equivalent) shows the total amount of subcontracting for the work billed, converted into a value corresponding to the number of full-time employees.

Further inquiries:
Mikael Nylund, CEO, Gofore Plc
tel. +358 40 540 2280
[email protected]

Gofore Plc is a digital transformation consultancy with more than 800 impact-oriented employees in Finland, Germany, Spain and Estonia – top experts in our industry who are the heart, brain and hands of our company. We use our holistic range of services – consulting, coding, design and assurance – as tools to initiate positive changes. We care about our employees, our customers and the environment. Our values ​​guide our business: Gofore is a great place to work that lives from customer success. In 2020 our net sales were 78 million euros. Gofore Plc is listed on Nasdaq Helsinki Ltd. listed in Finland. Get to know us better at www.gofore.com.