Hamburg-based business and career network New Work SE, formerly known as Xing SE, saw revenues climb 16% year-on-year to 269.5 million euros ($291.9 million U.S.). The company projects that revenue will hit 300 million euros ($325 million U.S.) in 2020.
Preliminary figures published on Tuesday show that EBITDA rose 14% to 85.6 million euros, while net income jumped to 34.4 million euros, an 11% year-on-year increase.
New Work’s b-to-b e-recruiting revenue soared 29% to 140.4 million euros, making it one of the company’s main growth drivers. The b-to-c segment reported a slight 3% increase in revenue, totalling 103.2 million euros.
“A distinct feeling of uncertainty crept into the German economy during 2019,” said CEO Thomas Vollmoeller. “Despite this challenging backdrop, we continued to grow in every area of the business and again saw a double-digit rise in our revenues.”
Vollmoeller plans to step down this year and will be replaced by Petra von Strombeck after the company’s annual general meeting at the end of May.
New Work, a LinkedIn rival, saw a steady increase in membership last year with 17.6 million users now using the platform. Kununu, the German equivalent of Glassdoor, also saw a rise in membership and now draws in more than 3 million monthly visitors.
New Work operates one of the largest online business networks in the German-speaking world and has been listed on Germany’s stock exchange since 2006.