SD Worx, the Belgian-based HR solutions firm, announced it achieved consolidated revenue of €1.058 billion last year, an increase of 10% compared to 2022 (€962.1 million).

Consolidated normalised EBITDA grew 32.8% from €136.7 million in 2022 to €181.6 million in 2023.

The group also reported consolidated profit before taxes rose by €6.2 million to €88.1 million in 2023.

For FY 2023 consolidated net profit decreased from €81 million in 2022 to €70.1 million in 2023. The group noted that consolidated net profit growth in 2022 was exceptional (increasing from €46.8 million in 2021 to €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 said it 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 costs under control towards the end of the year, the group stated.

In the current financial period, restructuring and integration expenses totalled €9.5 million, reflecting a €2.3 million increase compared to the previous year. Restructuring costs (€3.6 million) stem from strategic organizational shifts aimed at enhancing a customer-centric and country-specific focus.

Revenue by segment

Filip Dierckx, chairman of the board of directors at SD Worx, said "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, said, “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."

Earlier this year, the group acquired SoftMachine, a specialist provider in Spain, via its subsidiary Protime.