SD Worx continues growth strategy and reports good results for 2022
28 February 2023
SD Worx, the leading European HR solutions provider, achieved a consolidated revenue of EUR 962.1 million in 2022, which is an increase of +12.1% compared to 2021 (EUR 858.1 million). The normalised EBITDA grew to EUR 136.7 million, or 18.3% more compared to 2021 (EUR 115.6 million). The net profit climbed to EUR 81 million, an increase of 73.1% compared to 2021 (EUR 46.8 million).
Complete HR offer for every type of customer in Europe
SD Worx continued its growth strategy in 2022, once again achieving double-digit growth figures. This growth came both organically and through acquisitions. In 2022, SD Worx acquired the Croatian HR & payroll software provider HRPRO and entered the Central and South-Eastern Europe markets. With the acquisitions of Integhro and Intelligo, it strengthened its positioning in Spain and Ireland respectively. Through these three acquisitions, SD Worx further expanded its portfolio of proprietary payroll & HR software and reinforced its international position. SD Worx also took an 80% stake in huapii last year, strengthening its talent management offering. It continued to build its international offering on workforce management, core HR, HR analytics and, via SD Worx Academy, a broad range of trainings. SD Worx also refined the mysdworx app, which allows employers and employees to take the hassle out of everyday HR processes. With all this, SD Worx offers its customers, from smaller local companies to large multinationals, solutions that allow them to manage all of their human resources processes. Customers can choose to outsource part or all of the management to SD Worx.
"We look back on 2022 with satisfaction. Our core business is doing very well: payroll and reward revenue increased 19% in 2022. The revenue of our offerings around workforce management grew by almost 16%. However, the expected growth in the flexible labour market, which is generally under pressure, did not materialise. For our business around flexible labour, we report a slight loss of revenue. Generally it remains challenging times, with the war in Ukraine, high energy prices and inflation. The war for talent also continues to play a role, although we welcomed 1,500 new colleagues last year. By doing so, we continue to invest in our sustainable growth," says Filip Dierckx, chairman of the Board of Directors.
"SD Worx has grown rapidly in recent years to become a European HR player, enabling us to offer our customers even more and better local and international solutions. SD Worx has achieved a unique position, with local presence in 26 countries and the associated knowledge of local legislation on payroll and HR. It is thanks to our engaged colleagues and our loyal customers that we have achieved this. I would like to express my thanks to them. In 2023 and the following years, we will continue to invest heavily to further unburden our customers, local and international, from small to large, with digital solutions, complemented by a personal service that creates added value. Our customer focus and local presence, combined with the international offering, is how we make the difference," says Kobe Verdonck, CEO of SD Worx.
The Statutory Auditor, DELOITTE Bedrijfsrevisoren BV, represented by Ben Vandeweyer and Maurice Vrolix, has confirmed that the accompanying balance sheet of SD Worx NV as of December 31, 2022, and the related statements of income, and disclosing notes for the year then ended were not audited yet and, accordingly, the Statutory Auditor does not express an opinion on them.
More details can be found in this report.