SD Worx revenues exceed EUR 1 billion in 2023

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

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. 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.  

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."
Kobe Verdonck, CEO of SD Worx: "Once again we have made good progress in delivering our complete HR offering to the markets and in our purpose to help our customers to become better employers and supporting their workers in their personal talent and career development. I would like to thank our employees for their valued commitment and our dear customers for their trust in our solutions and services. In 2024, we will continue to execute our growth strategy to achieve our ambition: being the trusted leading European provider of HR solutions for all organisations and their workers. We will realise this by organic growth and through a series of acquisitions that we have in the pipeline. We are convinced that we can make a difference for our customers through user-friendly technology and our local presence across Europe, with local HR and legislation expertise."
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