Gofore - Solid growth and good profitability
Gofore’s EBITA/adj. EBITA of EUR 6.8m/6.9m in H1 were rather in line with expectations (Evli 7.0m/7.2m). Revenue grew 38.3% to EUR 51.7m in H1 (pre-announced). Revenue and adj. EBITA in 2021 are expected to grow compared with 2020.
- Gofore’s H1/21 net sales amounted to EUR 51.7m (pre-announced), with sales growth of 38.3% compared to H1/20 figures. The growth was primarily attributable to increased volumes as a result of corporate acquisitions and organic growth, but the average hourly price of services sold also increased slightly. Private sector sales increased substantially, by almost 92 per cent, to EUR 18.4m. Gofore’s international business grew by 10 per cent y/y to EUR 4.5m.
- EBITA and adj. EBITA in H1 amounted to EUR 6.8m and EUR 6.9m respectively, rather in line with our estimates (Evli EUR 7.0m/7.2m), at margins of 13.1%/13.4%. EBIT amounted to EUR 5.7m (Evli EUR 6.3m), at a 11.0% EBIT-margin.
- Guidance for 2021: Gofore estimates that its revenue and adj. EBITA in 2021 will grow compared to 2020.
- The number of employees at the end of the period was 803 (H1/20: 610).