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New Work SE preliminary financial results for 2023: Largest segment HR Solutions & Talent Access grows by 5 per cent amid challenging market conditions
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- HR Solutions & Talent Access segment grows by 5%.
- XING transforms into a jobs network.
- Pro forma EBITDA guidance for 2024 confirmed at €55-65 million.
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EQS-News: New Work SE / Key word(s): Preliminary Results/Annual Results |
New Work SE preliminary financial results for 2023: Largest segment HR Solutions & Talent Access grows by 5 per cent amid challenging market conditions
• XING continues transformation to become a jobs network
• kununu has its best-ever year
• Pro forma EBITDA guidance of €55-65 million for 2024 confirmed
Hamburg, 27 February 2024 – New Work SE, the parent company of jobs network XING and employer review platform kununu, today presented its preliminary, unaudited financial figures for the fiscal year 2023. Total pro forma revenues came in at €305.6 million (FY 2022: €313.4 million). Pro forma EBITDA amounted to €97.1 million (FY 2022: €104.1 million) and was therefore within the guidance of €92-100 million updated in May 2023. Pro forma consolidated profit totalled €38.8 million (FY 2022: €47.3 million).
The largest segment, HR Solutions & Talent Access, increased by 5 per cent to €218.6 million (FY 2022: €208.2 million). As a result, the company’s main business segment achieved its highest-ever revenues amid a difficult market environment. Meanwhile, B2C business declined by a planned 17 per cent to €73.4 million (FY 2022: €88.8 million) due to the strategic repositioning and transformation of XING into a jobs network. Consequently, monetisation efforts are focussed on recruiting solutions. Revenues in the B2B Marketing Solutions segment also fell by 17 per cent to €13.6 million, compared to the previous year's figure of €16.4 million.
New Work SE CEO Petra von Strombeck said: "We’ve held our ground in a challenging market and are happy to continue growing in our core business, even during a recession. The transformation of XING into a jobs network is well under way and making good progress. However, our repositioning continues to weigh on our business. For kununu, 2023 was the company’s best-ever year, increasing platform sessions to more than 90 million in 2023 which is a rise of 16 per cent over the previous year. In addition, 2023 saw 14 per cent more company profile visits, along with a 28 per cent increase in Workplace Insights.
• XING continues transformation to become a jobs network
• kununu has its best-ever year
• Pro forma EBITDA guidance of €55-65 million for 2024 confirmed
Hamburg, 27 February 2024 – New Work SE, the parent company of jobs network XING and employer review platform kununu, today presented its preliminary, unaudited financial figures for the fiscal year 2023. Total pro forma revenues came in at €305.6 million (FY 2022: €313.4 million). Pro forma EBITDA amounted to €97.1 million (FY 2022: €104.1 million) and was therefore within the guidance of €92-100 million updated in May 2023. Pro forma consolidated profit totalled €38.8 million (FY 2022: €47.3 million).
The largest segment, HR Solutions & Talent Access, increased by 5 per cent to €218.6 million (FY 2022: €208.2 million). As a result, the company’s main business segment achieved its highest-ever revenues amid a difficult market environment. Meanwhile, B2C business declined by a planned 17 per cent to €73.4 million (FY 2022: €88.8 million) due to the strategic repositioning and transformation of XING into a jobs network. Consequently, monetisation efforts are focussed on recruiting solutions. Revenues in the B2B Marketing Solutions segment also fell by 17 per cent to €13.6 million, compared to the previous year's figure of €16.4 million.
New Work SE CEO Petra von Strombeck said: "We’ve held our ground in a challenging market and are happy to continue growing in our core business, even during a recession. The transformation of XING into a jobs network is well under way and making good progress. However, our repositioning continues to weigh on our business. For kununu, 2023 was the company’s best-ever year, increasing platform sessions to more than 90 million in 2023 which is a rise of 16 per cent over the previous year. In addition, 2023 saw 14 per cent more company profile visits, along with a 28 per cent increase in Workplace Insights.
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