HR
The HR service provider SD Worx saw turnover increase by 10 percent to 1.06 billion euros. Net profit fell to 70.1 million euros.
SD Worx will continue its ambitious growth path in 2023. Turnover increased by 10 percent to 1.06 billion euros, with which the company has completed a symbolic milestone. According to SD Worx, this is mainly the result of organic growth and not of acquisitions. Growth was particularly high in its core tasks, taking care of payroll administration and HR policy at companies.
SD Worx, with headquarters in Antwerp, is also increasingly active internationally. In their own words, it is now number five in the world. According to the press release, economic conditions are difficult in the ‘staffing and career solution’ segment, the entity that offers solutions around flexible work.
The higher turnover translated into an increase in operating cash flow (EBITDA) by 32.8 percent to 181.6 million euros. The net profit did fall from 81 to 70.1 million euros, but this was because the 2022 figure was upwardly distorted by the added value on the sale of real estate.
CVC on board
In 2023, SD Worx, which was founded from the employers’ organization Vlaams Economisch Verbond (VEV, now Voka) and therefore had no shareholders in the strict sense, brought the investment fund CVC on board as an extra large shareholder. CVC must support the foreign growth strategy.
In recent years, SD Worx has also become known to the general public as a sponsor of the most successful female cycling team in the world, including world champion Lotte Kopecky and Tour de France Femmes winner Demi Vollering.