Belgian HR Service Provider SD Worx Holding reported revenue last week of €386.2 million for the first six months ended 30 June 2019, an increase of 43.2% and up 4.9% on a like-for-like basis, compared to the same period last year.

SD Worx Group, the group’s largest segment and supplier of payroll and HR outsourcing services, software and consultancy, saw revenue increase by 7.8%.

SD Worx Staffing & Career Solutions, which includes VIO Interim, acquired in 2017 and Flexpoint Group, acquired in 2018, amounted to €128.9 million in the first half of 2019. Flexpoint Group’s financial results were included from September 2018. The segment is active in the areas of flexible work, temporary work, secondment, recruitment & selection, career guidance, outplacement, specific payroll for temporary workers and HR consultancy.

Revenue by segment

"Given the challenging context in the staffing sector, the results for the first half of the year are satisfactory,” Filip Dierckx, Chairman of the Board of Directors of SD Worx Holding said. “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,” Dierckx said.

The group also announced this week that Kobe Verdonck, currently Board Member of SD Worx Holding NV, strategic advisor and member of the SD Worx Holding Management Team, will succeed Steven Van Hoorebeke as CEO of SD Worx Group, the company’s largest business segment.

Throughout his career, Verdonck has held senior leadership positions of increasing responsibility in international HR and payroll companies in several countries, including, most recently, the role of CEO of Raet (2014-2018), and before that Chief Sales Officer and Executive Director for Europe and Latin America of NorthgateArinso (2007-2014).
Steven Van Hoorebeke steps down as Chief Executive Officer and remains available for special assignments until the Annual Shareholders’ Meeting in June 2020. From then on, he will continue to serve SD Worx as Non-executive Board Member of SD Worx Group NV and SD Worx Holding NV for the coming years.
The governance of SD Worx Staffing and Career Solutions, the second business segment of SD Worx, will remain unchanged, under the leadership of Christophe Petit as CEO.