SD Worx maintains steady growth in first half of 2024
27 August 2024
SD Worx, the leading European HR solutions provider, achieved a consolidated revenue of EUR 581.8 million in the first half of the year, an increase of 10.9% compared to the first half of 2023 (EUR 524.6 million). The consolidated adjusted EBITDA grew 36.7% from EUR 88.5 million in the first half of last year to EUR 121.0 million during the first six months of 2024. The consolidated net result increased from EUR 42.5 million in the first two quarters last year to EUR 54.9 million in the first half of this year.
Particularly SD Worx People Solutions performed well. The financial numbers of this entity, offering solutions for payroll, reward, core HR and talent, rose significantly. This is especially driven by a solid organic revenue growth of EUR 35.2 million across all countries, both in recurring and non-recurring business. The revenues generated by Workforce Management solutions grew by 27% from EUR 26 million in the first half of last year to EUR 33.1 million in the same period this year. Staffing & Career Solutions, the entity that offers services and solutions around flexible work, saw the impact of the difficult market conditions in the staffing sector and recorded a revenue decline of -8.5% from EUR 113.8 million to EUR 104.1 million.
Filip Dierckx, chairman of the board of directors at SD Worx: "The reported financial numbers meet our expectations. We started the year with an excellent first quarter but saw growth slowing down during the second quarter. This is in line with the macro-economic circumstances: generally, we see economic growth relatively weakening.”
Kobe Verdonck, CEO of SD Worx: "We are happy with the overall growth across the group. This is reflected in the results of all markets where we provide payroll and HR solutions to our customers. I would like to thank our employees for their contribution to our growth and our customers for their trust in our technology and services. Our organic growth and the acquisitions of Tribeperk, Romanian Software and Sheepblue earlier this year show that we are working well on our ambition to be the leading European HR solutions provider for all companies of any size. We are looking forward to the second half of the year where we will continue our growth.”
More details can be found in this report.
External Audit
The Statutory Auditor, DELOITTE Bedrijfsrevisoren BV, represented by Ben Vandeweyer, has confirmed that the review of the accompanying condensed consolidated interim statements of SD Worx NV as of June 30, 2024, is substantially complete and that the audit has to date not revealed any material misstatements that should be adjusted in the interim financial statements.