New Work SE Half Year Report 2024: Restructuring Yields Mixed Results

New Work SE, parent company of XING and kununu, released its half-year report for 2024. Revenues decreased to €133.7 million from €151.7 million in H1 2023, impacted by a challenging economic environment. EBITDA dropped significantly to €1.8 million, influenced by restructuring expenses of €24.7 million. Consequently, net earnings were -€7.8 million.

The restructuring measures, effective from April 1st, have helped reduce costs, doubling the pro forma EBITDA margin from 13% in Q1 to 27% in Q2. The largest segment, HR Solutions & Talent Access, saw an 8% revenue decline, while B2C revenues fell by 18%. The B2B Marketing Solutions segment experienced a 38% decline due to reduced advertising budgets.

Positive branding campaigns were notable, with kununu's Workplace Insights growing by 25% and the number of XING members increasing by 630,000. Innovations included kununu's job alert feature and XING's new recruiter hiring badge.

CFO Ingo Chu announced he will not renew his contract ending mid-2025 after 15 years of service.