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SD Worx revenues exceed EUR 1 billion in 2023


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
      We are very proud of our 2023 results, despite the challenging macro-economic circumstances.
      Kobe Verdonck
      Kobe Verdonck, CEO

      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."

        Results per segment


          Financial Results


            Further details about the net result

            Non-recurring cost

            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. 

            Acquisition and transactions costs have increased by EUR 1.0 million to EUR 2.0 million and are related to earn-out remeasurements (EUR 0.6 million) and M&A transaction and broken deal costs (EUR 1.4 million).

            The decrease of EUR 2.7 million in non-committed stock-based compensation compared to December 31st last year is mainly a consequence of the employee share plan issued in the first half of the financial year 2022. The employee share purchase programme provided the unique opportunity to every single employee of the group to acquire share certificates of SD Worx with a limited discount to its share price. As the employee share purchase programme, in contrast to the non-committed share plans for the group management, did not include a service requirement, the full cost of the plan was recognized upon issuance in 2022. 

            Despite the solid performance of the People Solutions segment, an impairment charge of EUR 2.7 million has been recognized on the goodwill of the Staffing & Career Solutions cash-generating unit as of December 31, 2023. This charge reflects the challenging macroeconomic conditions impacting staffing businesses in Belgium and the Netherlands. The continuing market uncertainty about economic growth, geopolitics and inflation combined with a recovery developing more slowly than anticipated, justifies more prudent assumptions when estimating the value in use of the Staffing & Career Solutions segment.

            The profit from business and asset disposal in the prior year mainly results from the sale of the shares of SD Worx Real Estate NV to WorxInvest, SD Worx’ majority shareholder. SD Worx Real Estate NV is the owner of office spaces in Belgium used by the group and third parties. SD Worx subsequently entered into a leaseback agreement for most of the transferred office spaces.

            It should also be mentioned that last year’s financial statements normalized the international celebrations of SD Worx’s 75th anniversary, amounting to EUR 0.6 million, as other non-operating expenses.

            Depreciations and amortizations

            Depreciations and amortizations on tangible and intangible assets of EUR 63.6 million have been recorded per 31 December 2023 and are mainly related to the group's important and continuing investments in digital solutions and the refurbishment of office spaces (EUR 31.1 million), the depreciation of leased right-of-use assets such as rented buildings and company cars (EUR 25.0 million) and the amortization of intangible assets acquired in business combinations (EUR 7.5 million). The rise in depreciation and amortization is largely due to increased investments in digital solutions and the amortization of acquired intangible assets from business combinations, such as brand names and customer relationships.

            Financial results

            The financial result per 31 December 2023 amounts to a loss of EUR -10.2 million, mainly resulting from the interest costs of the subordinated EUR 80 million bond issued in June 2019, the committed EUR 400.0 million revolving credit facility, financial charges on lease liabilities and non-operational foreign currency translation differences on intercompany loans. The full amount of outstanding shareholder loans from WorxInvest have been repaid in June 2023. 

            The total leverage of the group remains conservative at a level of 0.6x normalized EBITDA to net debt as per 31 December 2023.


            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.

            Net result

            The net result stands at EUR 70.1 million, which is EUR 10.9 million lower than the previous year. The prior year’s result was impacted by significant one-off effects, including the divestment of the real estate portfolio. Key factors contributing to this robust result include sustained and solid growth in operational performance, a positive impact of EUR 14.2 million from commission income influenced by the level of interest rates on the group’s operating profit and the strategic buy-and-build policy employed by the group.

            More details can be found in this report.

            External Audit

            The statutory auditor, Deloitte Bedrijfsrevisoren BV, represented by Ben Vandeweyer, confirmed that the audit of the company’s consolidated financial statements, prepared in according with International Financial Reporting Standards (IFRS) as adopted for use in the European Union, and with the legal and regulatory requirements applicable in Belgium, is substantially completed. The statutory auditor confirmed the Financial Results are derived from the consolidated financial statements at 31 December 2023, which have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted for use in the European Union.