08/06/2020 | New Work SE

NEW WORK SE reports stable revenues and earnings for the first half of 2020, despite coronavirus

  • Total revenues (excl. one-off effects) increased by 6 per cent year-on-year
  • Pro forma revenues for the B2B E-Recruiting segment grew by 16 per cent in the first half-year
  • CEO Petra von Strombeck confirms forecast

Hamburg, 6 August 2020 - NEW WORK SE (formerly XING SE) today presented its financial figures for the first half of 2020. The company’s revenues (excluding M&A effects) increased by 6 per cent year on year to €135.8 million (previous year €128.2 million). At €41.1 million following adjustment for non-operating one-off effects (e.g. the Honeypot acquisition), the pro forma EBITDA was 6 per cent higher than the figure for the previous year (€38.8 million). Pro forma consolidated net income increased by 8 per cent to €18.4 million (previous year €17.0 million).

Pro forma revenues for the B2B E-Recruiting segment grew by 16 per cent in the first half-year

At €51.3 million, revenues generated in the B2C segment during the first half of this year were on a par with the previous year’s figure (€51.0 million). Despite the coronavirus-related market distortions still hampering new business, the company’s B2B E-Recruiting business unit recorded pro forma revenues (excluding M&A effects) of €75.7 million for the first six months of the year, equating to a year-on-year increase of 16 per cent (previous year: €65.3 million). B2B Marketing Solutions & Events, on the other hand, remains significantly impacted by the coronavirus pandemic, with advertising customers having reduced their spending and events having been cancelled due to government restrictions. As a result, revenues in this segment fell by 26 per cent to €8.9 million (previous year: €11.9 million).

Since December 2019, XING – the leading online business network in German-speaking countries – has seen its membership increase by 900,000 to 18.1 million. The company’s subsidiary kununu, a leading employer review platform in Europe, saw its workplace insights (company ratings as well as culture and salary data) leap since the beginning of the year by more than 500,000 to take it past the 4-million mark (current figure: 4.1 million).

CEO Petra von Strombeck confirms forecast

Petra von Strombeck, CEO at NEW WORK SE, said: “Our business has remained stable and continued to grow during the first half of 2020. This is good news given the current coronavirus situation. As expected, we’re feeling the effects of the pandemic in our Marketing Solutions, Events and E-Recruiting business, where we’re seeing increased customer reluctance, particularly when it comes to new business. Nonetheless, with the long-term trends of digitalisation and demographic change on which our business is based, still intact, we remain confident about the future. We therefore confirm our revenue forecast of between €275 and €285 million for 2020, and continue to aim for an EBITDA margin of 30 per cent. We’re also optimistic given that the current circumstances make New Work and the future of work more relevant than ever before.

Examples of our offerings in this regard include the series of corona hacks put together by our XING News editorial team, which went down very well with readers. Another popular piece of content is NWXnow, in which thought leaders such as Frédéric Laloux, Rutger Bregmann and Miriam Meckel share their views on the future of work and the effects that the pandemic is having on it.

In view of these circumstances, XING launched a new advertising campaign on 30 June under the slogan “Ready for a job change? Let’s make a success of it together”. The campaign is aimed at people who, whether by necessity or by their own volition, are looking to change jobs. The website deinjobleben.xing.com offers them help and support in this regard, providing tips for job applications, information on the sectors currently looking for employees, and up-to-date careers information and guidance.


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.

You've got questions?

Feel free to contact me!

Marc-Sven Kopka

Vice President External Affairs