SD Worx records strong growth figures in the first half of 2022

Consolidated turnover reaches 475.3 million euro (+18%), normalized EBITDA is 70.2 million euro (+9.2 %).

SD Worx, the leading European provider of payroll and HR services, recorded a consolidated turnover of 475.3 million euro in the first half of 2022. That is an increase of 18% compared to the first half of last year. Normalized EBITDA came in at 70.2 million euro, which is 9.2% more compared to the first half of 2021. During the second half of 2021, SD Worx invested significantly in attracting additional employees to support the company's rapid growth. With a solid growth in consolidated turnover of 18%, SD Worx can look back on a strong first half year. In particular, the turnover from the Payroll & Reward and Core HR offering rose sharply, from 267.5 million euro in the first half of 2021 to 332.7 million euro in the first half of this year. The services and solutions offerings around Workforce Management also performed well, with a growth in turnover from 19.4 million euro to 22.3 million euro. Finally, the turnover of the staffing and recruitment offering rose from 117.0 million euro to 122.0 million euro. This less strong increase is in line with the flexible working market, which is under additional pressure due to the current economic climate. Consolidated normalized EBITDA increased from 64.3 million euro in the first half of 2021 to 70.2 million euro in the first six months of 2022, representing a growth of 9.2%, completely in line with what was expected. SD Worx anticipated the rapid growth and therefore invested extra in attracting even more employees. “We are investing in our future, which means that the increase in costs is higher in percentage than the increase in our income,” says Filip Dierckx, chairman of the board of directors at SD Worx“Due to the current economic situation, the staffing and recruitment market in general is under pressure. However, we are doing very well in the other areas in which we are active. We are experiencing significant growth, particularly in the market for smaller and medium-sized companies.” Kobe Verdonck, CEO of SD Worx: “These strong financial results show that our strategy to be the end to end HR and payroll provider for customers of all sizes and in all industries is working. We invest a lot in people and our solutions to support further growth. We offer our customers both innovative digital applications and associated services. With the acquisition of huapii and HRPRO earlier this year we have strengthened our talent management offering and entered the Southeastern European market. In the second half of the year we will continue on the path we have taken to further support strong organic growth and we have more acquisition targets in the pipeline. It makes us more than ever the European HR and payroll specialist.”