New Work’s adjusted pro forma revenues inched up by 2% to €276.0 million ($335.5 million U.S.) in the 2020 financial year, the business and career network said Wednesday. In the same period, the pro forma EBITDA grew by 9% to €92.3 million while net profit climbed 4% to €37.4 million.
The Hamburg-based company, formerly known as Xing, said business has remained stable despite the pandemic.
“Our revenues, EBITDA and profits continue to grow, and we met the forecast we issued in May 2020,” said Petra von Strombeck, New Work CEO. “Our overall outlook for the future is a positive one as the long-term trends our business is built upon remain intact. We intend to invest in specific growth fields so we’re in an ideal position to move and deliver when the economy picks up again.“
Preliminary financial results show that b-to-c revenues dropped slightly to €102.7 million, compared to €103.2 million in the previous year. The b-to-b e-recruiting segment grew 9% year-on-year with revenues growing to €153.4 million in the period.
New Work operates one of the largest online business networks in the German-speaking countries. Xing, one of its top brands and a LinkedIn competitor, has seen its membership increase to 19 million, up by 1.8 million compared to the previous year.