SD Worx Holding is confident about first half of 2019

27 August 2019

Antwerp, 27 August 2019 – SD Worx Holding, internationally active in payroll and HR, achieved a turnover of €386.2 million for the first half of this year. That is, on a like-for-like basis, an increase of 4.9% as compared to the first half of last year. The normalised EBITDA for the first six months of 2019 totalled €43.9 million, slightly more than in the same period last year. This does not include the investments in SD Worx's digital transformation project.

SD Worx Group, the leading supplier of payroll and HR outsourcing services, software and consultancy, saw its turnover increase from €238.9 million in the first half of 2018 to €257.5 million in 2019. This corresponds to a growth of 7.8%. The normalised EBITDA increased by 9%: from €37.4 million in the first half of 2018 to €40.3 million for the first six months of 2019. This does not include investments in the group's digital transformation, amounting to €8.2 million.

The turnover of SD Worx Staffing & Career Solutions, the entity including VIO Interim and the Flexpoint Group, amounted to €128.9 million in the first half of 2019. On a like-for-like basis, turnover remained more or less stable despite the challenging market conditions. The normalised EBITDA amounted to €4.0 million for the same period. A comparison with the EBITDA from the first half of 2018 is more difficult because the acquisitions of both companies were not (fully) completed at that time.

"Given the challenging context in the staffing sector, the results for the first half of the year are satisfactory. We are currently investing heavily in our digital transformation project in order to serve our customers even better and maintain our strong position in the future. At SD Worx Staffing & Career Solutions, a great deal of attention has been paid in recent months to the integration of the companies we had previously acquired and to rebranding: nearly a hundred offices got a refurbishment in recent months, giving SD Worx a prominent position on the high street. I would like to thank our more than 70,000 customers for their trust in our services, and our 4,600 employees for the hard work they do day after day," said Filip Dierckx, Chairman of the Board of Directors of SD Worx Holding.

More details of SD Worx Holding's financial figures in the first half of 2019 can be found in the presentation on this webpage.

More information

Pieter Goetgebuer
PR and Corporate Communication Manager, SD Worx Group
T +32 (0)3 201 76 68 / M +32 (0)497 45 36 73
pieter.goetgebuer@sdworx.com

About SD Worx

As a leading European provider of payroll and HR solutions, SD Worx guides organisations in managing their existing and new workforce, with a full-service package in the areas of staffing, payroll, time and talent. SD Worx delivers the most suitable approach for every situation, providing the insights, expertise, outsourcing services and technology that HR decision-makers need for their organisation and individuals to thrive. Today, more than 68,000 small and large organisations across the globe place their trust in SD Worx and its almost 75 years of experience. In 2018, SD Worx achieved a consolidated turnover of EUR 594.4 million with its two entities.

SD Worx Group offers its payroll and HR outsourcing services, software and consultancy services in 92 countries, calculates the salaries of approximately 4.6 million employees and ranks among the top five worldwide. The more than 4,150 employees at SD Worx operate in ten countries: Belgium (HQ), Austria, France, Germany, Ireland, Luxembourg, Mauritius, the Netherlands, Switzerland and the UK. It is the co-founder of the Payroll Services Alliance, a global strategic network of leading payroll companies that together handle 32 million payroll calculations.

Since 2018, SD Worx Staffing Solutions has been offering flexible and temporary employment, secondment, recruitment and selection, outplacement and career guidance services in Belgium and the Netherlands. SD Worx Staffing Solutions has more than 450 employees and employs an average of 5,500 temps on a daily basis through its more than 3,000 customers.