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SD Worx continues to grow and achieves strong financial results during the first half of 2021


SD Worx, the leading European HR & payroll services provider, achieved in the first half of 2021 a consolidated turnover of EUR 402.7 million (+ 11.1% compared to the first half of last year) and a normalised EBITDA of EUR 64.3 million (+ 16.5% compared to the first half of 2020). The positive results allow SD Worx to further invest in its growth ambition.

“SD Worx People Solutions, our traditional Payroll & HR segment, has realised overall positive results”, says Filip Dierckx, Chairman of the Board of Directors of SD Worx. “SD Worx People Solutions saw its revenues and normalized EBITDA growing with 8.2% and 16.0% respectively. On a like for like basis, revenues continue to increase year after year, 4.0% compared with the first semester of last year and 5.6% compared with the first semester of the pre-covid year 2019. SD Worx Staffing & Career Solutions, our segment that focuses on staffing and flexible work, was negatively impacted by the corona crisis last year but is now growing with over 19% in revenue to EUR 117.0 million in the first half of this year, which brings us almost at the level of 2019. Our normalized EBITDA for this entity increased significantly to EUR 3.1 million in the first six months of this year, compared to the same period last year. The revival of the economy and labor market after the corona pandemic is also good news for our customers and their growth ambition. We are supporting them with our offering of innovative technology and specialized consultancy.”

“Our consolidated normalised EBITDA rose to EUR 64.3 million, a strong operating cash flow that provides us the means to further invest in our growth strategy and offering to our customers”, says Kobe Verdonck, CEO of SD Worx. “Earlier this year we announced the acquisitions of Aditro, the payroll market leader in the Nordics, and launch!, specialized in HR cloud software, who are also performing well. Furthermore, we opened offices in Poland and Spain this year and we continue to look for further geographical expansion in southern and eastern Europe. With our international presence, we help our customers with local expertise and a complete HR offering, wherever they are doing business.”


As from now, and in line with the internationalization of the group, SD Worx reports its financial results applying the International Financial Reporting Standards (IFRS) instead of the Belgian Generally Accepted Accounting Principles. This has an impact on the reported results. In order to compare on a like for like basis, the figures of previous periods are converted to the international standards.





      Non-recurring costs

      Restructuring cost and integration costs amount to EUR 1.6 million and have increased by EUR 0.4 million compared to 30 June 2020, mainly as a consequence of the growth plan in the UK and costs incurred for the integration of Aditro in SD Worx.

      Acquisition and transaction costs have increased by EUR 1.4 million to EUR 1.7 million as a consequence of the acquisition of Aditro and launch! during the first semester of 2021.

      The cost of non-committed share plans for the group management has remained stable as costs are being spread evenly over the vesting period of the plans.

      As per 30 June 2020, an impairment of goodwill of EUR 8.8 million had been recognized on the Staffing & Career Solutions segment. The Covid-19 pandemic had slowed down the entire staffing industry, certainly during the first lockdown period in Belgium and the Netherlands, and management had considered it an indication of impairment risk leading to a prudent adjustment of its value-in-use calculation.

      The loss of EUR 1.1 million from material business and asset disposal recorded per 30 June 2020 refers to the closing of several offices as a result of the integration of office locations from Staffing & Career Solutions with People Solutions.

      Depreciations and amortizations

      Depreciations on tangible and intangible assets of EUR 21.3 million have been recorded per 30 June 2021 and are mainly related to the group's investments in digital solutions and the depreciation of leased right-of-use assets such as rented buildings and company cars.

      Financial result

      The financial result per 30 June 2021 amounts to EUR -3.1 million, mainly due to the interest costs of the subordinated EUR 80 million bond issued in June 2019, the committed EUR 125.0 million revolving credit facility and financial charges on lease liabilities.

      The financial result improved by EUR 2.3 million compared to the first semester of 2020, which is mainly the result of the loss realized per 30 June 2020 on the sale of the group’s cash investments in financial assets held in discretionary management.


      Tax charges increased by EUR 3.0 million to EUR 11.4 million as per 30 June 2021, predominantly due to a higher taxable result.

      Net result

      The net result, recorded at EUR 24.1 million, increased significantly in relation to the same period last year due to the aforementioned increase in operating profit and the increased financial result.