Hamburg-based New Work, the business and career network formerly known as Xing, saw revenue climb 4% to €204.5 million ($239.2 million U.S.) in the first nine months of the year.

EBITDA dipped to €61.9 million ($72.4 million U.S.), compared to €63.9 million in 2019. Pro-forma net profit for the period jumped 21% to €32.2 million.

“The figures for the first nine months of 2020 show that New Work continues to operate at the same level as this time last year,” said CEO Petra von Strombeck in a press statement released on Thursday.

“However, it also means the coronavirus pandemic is having a tangible effect on our business. We’re nowhere near the growth rates we enjoyed before the onset of the coronavirus,” she added.

A closer look at financial results show that business-to-consumer revenues in the first nine months of 2020 remained flat, at €77.0 million. The business-to-business e-recruiting segment saw its pro-forma revenues rise to €114.3 million, up 12%.

Overall, New Work said its outlook for the future remained positive as its non-financial key performance indicators showed that the company continues to grow despite the pandemic.

New Work has reaffirmed its full-year guidance, confirming its revenue target of €275 to €285 million, along with a target EBITDA margin of around 30%.


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