SD Worx revenues exceed 1Billion euros in 2023.

10/17/2024

Direct investment
Sd worx

Consolidated revenue of 1.058 billion euro (+10%), normalised EBITDA 181.6 million euro (+32,8%).

Numbers are facts

SD Worx, the leading European HR solutions provider, achieved a consolidated revenue of EUR 1.058 billion last year, an increase of 10% compared to 2022 (EUR 962.1 million). The consolidated normalised EBITDA grew 32.8% from EUR 136.7 million in 2022 to EUR 181.6 million in 2023. The consolidated profit before taxes rose by EUR 6.2 million to EUR 88.1 million. The consolidated net profit decreased from EUR 81 million in 2022 to EUR 70.1 million in 2023.
As a reminder: the consolidated net profit growth in 2022 was exceptional (increasing from EUR 46.8 million in 2021 to EUR 81 million in 2022), affected by the capital gain realised on the sale of the real estate portfolio of SD Worx Real Estate NV to WorxInvest.

““We are very proud of our 2023 results, despite the challenging macro-economic circumstances.””

JOHN DOE

CEO OF WORXINVEST

Making the difference for
customers across Europe

Filip Dierckx, Chairman of the Board of Directors at SD Worx: “The year 2023 will mark our history as the year in which we became a billion-euro revenues company. I would like to explicitly thank the entire team and our customers. At the same time, 2023 is also the year in which we welcomed CVC as an external minority shareholder. In recent months, they have already shown their clear added value at the table of our board of directors. Their proven experience around M&A and digitalisation will definitely help us to realise our growth ambition.“

Further details
about the net result

In the current financial period, restructuring and integration expenses total EUR 9.5 million, reflecting a EUR 2.3 million increase compared to the previous year. Restructuring costs (EUR 3.6 million) stem from strategic organizational shifts aimed at enhancing a customer-centric and country-specific focus. Organizational changes were implemented at both the Executive Committee and middle management levels. Integration costs (EUR 5.9 million) result from the integration and rebranding of recent acquisitions such as Aditro, HRPRO, GlobePayroll, Adessa, Intelligo, Launch! and Integhro into SD Worx. 

Taxes

The tax expense has seen a significant increase, rising by EUR 17.1 million from EUR 0.9 million as of December 31, 2022, to EUR 18.0 million in the current financial period. The previous year’s tax rate was notably influenced by the tax-exempt capital gain on the sale of SD Worx Real Estate shares to WorxInvest. Additionally, deferred tax assets were recognized on fiscal losses carried forward, considering the group’s positive results.

We made good progress

SD Worx continued its European growth strategy in 2023, once again achieving double-digit figures, especially through organic growth. Particularly at SD Worx People Solutions, the entity that offers solutions for payroll, core HR, talent and workforce management, revenues rose significantly. On the other hand, however, costs also rose sharply. Like other companies, SD Worx felt the impact of rather high indexations on salary costs in 2023. Staffing & Career Solutions, the entity offering solutions around flexible work, operates in a sector where economic conditions remain difficult. Nevertheless, it adapted well to the difficult conditions and managed to keep the costs under control towards the end of the year.

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