SD Worx records double-digit growth rates in 2024

SD Worx, the leading European provider of HR and payroll software and services, has announced its financial results for 2024. The consolidated revenues increased by 11.6%, from EUR 1.058 billion in 2023 to EUR 1.180 billion in 2024. The consolidated adjusted EBITDA grew by 28.2% from EUR 181.6 million to EUR 232.7 million. The consolidated net profit climbed from EUR 70.1 million in 2023 to EUR 94.9 million in 2024, an increase of 35.4%.

SD Worx People Solutions, the segment for Payroll & Reward, Human Capital Management and Workforce Management, had started 2024 well. However, difficult economic conditions led to a slowdown in growth in the second half of the year. Nonetheless, SD Worx People Solutions can present good growth results for the full year: it clocked up revenues of EUR 962.4 million, which is 15.4% more than in 2023. 

Adjusted EBITDA rose by 30.6% to EUR 231.1 million. This can be explained by higher interest rates on customer funds, which brought in an additional EUR 19.5 million compared to 2023, leading to a total amount of EUR 33.7 million. There was also additional income (EUR 5.9 million) from software and services SD Worx offers to its customers to organise social elections in Belgium, which take place every four years. 

SD Worx Staffing & Career Solutions, the segment that focuses on flexible work, continues to struggle in a sector that is generally facing challenges. Revenues fell 3.5% to EUR 220.4 million, with the adjusted EBITDA landing on EUR 1.6 million. In the second half of the year, the entity performed noticeably better, with an EBITDA of EUR 1.9 million.

Pan-European HR and payroll solutions provider

"SD Worx continues to grow well in these more difficult economic times. There is the margin improvement on the one hand, and on the other hand revenue growth remains strong, even without taking into account the impact of higher interest rates and revenue thanks to the social elections in Belgium. This shows that the strategic choices SD Worx has made to evolve into a pan-European HR and payroll solutions provider are still the right ones," says Filip Dierckx, chairman of the board of directors at SD Worx.

Kobe Verdonck, CEO of SD Worx: "We thank our 95 000 customers and almost 10 000 employees for their trust in SD Worx and look back at a successful transformational year. Although the market circumstances were not easy, we have delivered strong organic growth and, more importantly, we realised further innovation in our HR & payroll solutions with a focus on customer experience and compliancy. Furthermore, SD Worx realised five acquisitions in 2024, of which the Italian market leader F2A, the largest acquisition in our history. In 2025, we will continue to execute on our innovation strategy based on strong HR solutions with local expertise and services across Europe."