House of HR releases its 2023 annual report

Kortrijk, 4 April 2024  - House of HR, one of the leading European HR service providers, has proudly released its 2023 annual report including its annual results showing a robust performance for the full year 2023.

Despite facing formidable market headwinds, House of HR has once again demonstrated its resilience and agility, outperforming industry benchmarks and achieving significant growth.

Reflecting on the challenges of the past year, CEO Rika Coppens remarked, "while 2023 was probably not the easiest year in the market, we have succeeded to outperform the market again in 2023. Being able to grow our sales and keep our strong EBITDA margin is a fantastic performance. I am immensely proud of our teams' ability to navigate through uncertainty and deliver exceptional results."

A key driver of House of HR's success lies in its decentralized structure, which empowers local entrepreneurship and enables swift responses to evolving market dynamics. While the company's 2 segments Engineering & Consulting and Specialized Talent Solutions, experienced varying speeds of growth, House of HR maintained a strong gross margin, successfully navigating through inflation and price increases.

Highlights of House of HR's 2023 (pro forma – like for like ) annual results include:

• Sales of €3.4 billion, marking an impressive growth of 8.1%
• EBITDA standing at €373 million or an EBITDA margin of 11%

Looking ahead, House of HR remains committed to ensuring resilience and safeguarding performance in the face of an uncertain market environment. Coppens emphasized, "As we move into 2024, our focus remains steadfast on driving sales. We are optimistic about our prospects and will continue to pursue growth opportunities."

In addition to its financial achievements, House of HR had notable milestones in 2023, including six strategic acquisitions, establishment of 'House of Healthcare' following the acquisition of pluss in the German healthcare sector, and securing the #2 position in the Dutch market. House of Hr's commitment to sustainability, evidenced by its signing of the SBTI commitment, further underpinned its position as a forward-thinking industry leader.

Access the Annual report 2023 here.

About House of HR:

House of HR is a leading provider of HR solutions in key European staffing markets, offering end-to-end temporary recruiting and outsourcing services. Headquartered in Kortrijk (Belgium), the group supplies specialized and niche staffing primarily to small and medium-sized enterprise clients through its two segments, Engineering & Consulting and Specialized Talent Solutions. These are each composed of multiple PowerHouses that together represent more than 50 Boutique Brands to promote their specialized HR solutions offerings.

The Engineering & Consulting segment supplies staffing of highly skilled professionals, such as engineering consultants and financial and insurance specialists, to fill specialized roles in a variety of end markets. The Specialized Talent Solutions segment supplies specialized staffing of high-demand mid-skilled workers for specialized positions, such as clerical positions, carpenters and machine engineers, as well as blue-collar workers to companies in various sectors, including construction, retail, finance, food and healthcare. The group also offers digital recruiting through its dedicated platforms, using its digital tools, including NOWJOBS and the Gighouse app.

For 2023 the pro forma turnover lands close to ~€3.4 billion with a pro forma management adjusted EBITDA of €373 million. The group provides work to more than 73,000 people every month and has over 6,000 internal employees spread over close to 800 branches in Europe. House of HR is a ‘Talent PowerHouse’ with a strong emphasis on entrepreneurship, digitalization and innovation, but always with a distinctive, human touch. In November 2022, Bain Capital Private Equity became the majority shareholder in the group, with a 55% stake.