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    NWO   DE000NWRK013

NEW WORK SE

(NWO)
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NEW WORK : grows revenues, EBITDA and net profit during first half of 2021

08/05/2021 | 01:36am EDT
  • Total (pro forma) revenues increase 2 per cent yoy to €139 million
  • Positive development of advertising revenues
  • New offices pave way for future of work

Hamburg, 5 August 2021 - 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 2021. Pro forma revenues came in at €139 million, a 2 per cent increase over the first half of 2020 (€136.4 million). Pro forma EBITDA for the period grew by 33 per cent to €52.3 million (H1 2020: €39.4 million), while pro forma net profit rose by 51 per cent to €25.4 million (H1 2020: €16.8 million). These figures also include one-time effects in connection with M&A transactions. This significant increase in EBITDA and net profit is attributable to the group postponing a number of planned investments.

Positive development of advertising revenues

Revenues for the B2C segment came in at €49.5 million, a 3 per cent decrease yoy (€51.3 million). which is largely due to a dip in revenues at subsidiary InterNations. The current global situation continues to hamper the world's leading network for expats in its core business of paid memberships offering access to offline events. By contrast, paid memberships for the XING business network remained stable at the same level as H1 2020. The company's largest segment, B2B E-Recruiting, reported revenues of €78.7 million, an increase of 3 per cent over the first half of 2020 (€76.3 million). Taking the second quarter on its own, B2B E-Recruiting saw revenues climb 7 per cent yoy. Meanwhile, the B2B Marketing Solutions & Events segment reported revenues of €10.9 million, up 23 per cent from €8.9 million in H1 2020. This positive development is largely driven by an increase in advertising revenues.

Petra von Strombeck, CEO at NEW WORK SE, said: 'Following the many challenges presented by the pandemic, we're now starting to see more positive signs of recovery, particularly with our transactional business. Demand for skilled workers is also on the rise, which is a key driver of our core business. This is good news and gives us cause for optimism about the future, particularly as our non-financial KPIs are shaping up well on top of that.'

Both of the main B2C brands, XING and kununu, are enjoying major growth in terms of their non-financial KPIs. XING, the leading online business network in German-speaking countries, reported member growth of 1.4 million yoy, taking total membership to 19.5 million. Employer review platform kununu saw a major upswing in the number of reviews, along with the amount of culture and salary data submitted. As of the end of the second quarter, kununu hosted 5.4 million workplace insights, including more than 1.2 million salary data entries. kununu has also expanded its salary details to not only show the salary paid for a single role at a company, but up to 20 different job roles so users have an overview of the market in the form of salary bands.

New offices pave way for future of work

The pandemic has not just affected markets, it is also driving shifts within the world of work. Flexible working models have become commonplace, with old-fashioned structures increasingly being called into question. With this in mind, NEW WORK SE has redesigned its working environments at its offices in German-speaking countries. In Vienna and Zurich, for example, the company has moved to new offices, while in Hamburg, 800 members of staff will be able to say hello to the company's new headquarter, the NEW WORK Harbour, from September.

'The office is not dead, but it will have a more specific role in the future. Offices will offer a working environment that people enjoy rather than being forced to go there. Offices will provide additional value alongside work-from-home options, in turn making hybrid models the future of work', said Petra von Strombeck.

The current emerging economic recovery amid difficult conditions means that NEW WORK SE expects clearly positive results; for the whole of FY 2021 an increase of the pro forma EBITDA yoy.

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.

Disclaimer

New Work SE published this content on 05 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2021 05:35:03 UTC.


© Publicnow 2021
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Financials
Sales 2021 284 M 330 M 330 M
Net income 2021 37,8 M 44,0 M 44,0 M
Net cash 2021 52,7 M 61,3 M 61,3 M
P/E ratio 2021 30,5x
Yield 2021 1,35%
Capitalization 1 152 M 1 341 M 1 339 M
EV / Sales 2021 3,87x
EV / Sales 2022 3,32x
Nbr of Employees 1 704
Free-Float 46,8%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 205,00 €
Average target price 266,60 €
Spread / Average Target 30,0%
EPS Revisions
Managers and Directors
Petra von Strombeck Chief Executive Officer
Ingo Franklin Chu Chief Financial Officer
Martin Weiss Chairman-Supervisory Board
Jens Pape Chief Technology Officer
Johannes Meier Deputy Chairman-Supervisory Board
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