NEW WORK SE reports double-digit growth in first half of 2022

• 12 per cent rise in revenues
• 25 per cent growth in E-Recruiting segment
• CEO von Strombeck: “New strategy already delivering successful results”

Hamburg, 11 August 2022 – NEW WORK SE, parent company of, for instance, XING, the leading online business network in German-speaking countries, and kununu, a leading employer review platform in Europe, today published its figures for the first half of 2022. Pro forma revenues saw a double-digit rise of 12 per cent to €152.6 million (H1 2021: €136.2 million) during the first half of 2022, while pro forma EBITDA for the period grew 2 per cent to €53.5 million (€52.6 million).  The slightly disproportionately low growth is due to reduced marketing and travel expenses in the same period of the previous year. Pro forma net profit came in at €24.3 million, down 1.7 per cent from €26.0 million in H1 2021 due to one-time write-downs as a result of introducing a new strategy for the XING platform.

Sustained B2B E-Recruiting growth

NEW WORK SE’s new strategy was communicated at the beginning of 2022 and is already delivering successful results. The B2B E-Recruiting segment grew by 25 per cent to €98.8 million (H1 2021: €78.7 million), while the NEW WORK SE B2C segment generated revenues of €45.6 million (H1 2021: €49.5 million). This 8 per cent decline was expected and is the result of the company’s new monetarisation strategy for the E-Recruiting segment. Meanwhile the B2B Marketing Solutions saw revenues climb 4 per cent to €8.2 million (€7.9 million). NEW WORK SE is presenting the former Events segment as an asset held for sale in its statement of financial position as the events business will be discontinued in its current form due to it not aligning with the new strategy. The search is already under way for a new owner for parts of the segment, such as the successful ticketing business.

Petra von Strombeck, NEW WORK SE CEO, said: “Our Group’s new strategy focuses on monetising our recruiting solutions, and has already delivered successful results in the first half of 2022. Demographic change is adding to the acute shortage of highly sought-after skilled workers. This is where our innovative solutions come into play as we offer HR departments access to the largest talent pool in German-speaking countries and help them find urgently needed talent. Our goal here is clear – we want to be the leading recruiting partner in German-speaking countries.”

XING reports 21 million members and kununu 7 million workplace insights, making them leading providers in their respective segment

The two main B2C brands, XING and kununu, continue to report strong growth for their non-financial KPIs. XING welcomed 1.4 million new members to its platform over the past year, taking total membership to around 21 million members. This again highlights the brand’s role as the leading online business network in German-speaking countries. kununu, a leading employer review platform in Europe, also saw a sharp rise in the number of reviews, culture and salary details on its platform. At the end of the first half of 2021, kununu hosted a total of 7.2 million workplace insights, including more than 2.1 million salary details. 

NEW WORK SE’s outlook remains positive given the increasing lack of skilled workers driving demand for its E-Recruiting solutions. In view of this, the Group’s revenue forecast for the 2022 financial year has been adjusted upward slightly to a low double-digit percentage growth rate.

About NEW WORK SE

The NEW WORK SE Group builds upon the XING SE success story by offering brands, products and services that foster a more fulfilling world of work. Founded by Lars Hinrichs as the OpenBC professional network, the company was renamed XING in 2006. In 2019, the company was renamed again to New Work SE as a reflection of its commitment to a better working world and to bring all of its business activities under the umbrella of New Work. The company has been listed on the stock exchange since 2006. NEW WORK SE is a central leadership and management holding, serving as a service department for its subsidiaries. The Group is headquartered in Hamburg and currently employs 1,900 people at offices including Munich, Vienna and Porto. Visit https://new-work.se and https://nwx.new-work.se/ for more information.