News - Global Banking Day 2024

Gi Group Holding announces FY2023 results

Confirming its path of unwavering international growth
Milan, Italy (26 June 2024)

Gi Group Holding, one of the leading global players in HR services and consulting, today during the Global Banking Day event announced its results for the fiscal year ended December 31, 2023, as well as strategic business developments.
Continuing its constant trajectory of growth and development since the foundation – culminated in its 25° anniversary in 2023 – Gi Group Holding opened 2024 with the acquisition of Kelly’s European staffing business, the 51st and largest M&A operation in its history.
Through the commitment of over 9,000 people, the Group operates in 37 Countries across Europe, APAC, and the Americas, with over 700 branches and more than 25,000 client companies.

2023 has been a pivotal year in our mission to create a sustainable, streamlined, and joyful global market for candidates and companies. Our continuous organic growth, which began more than a quarter of a century ago and has continued uninterrupted since then, was complemented by an intense acquisition strategy culminating in January 2024 with the largest M&A operation in our history—the European staffing business unit of Kelly. This acquisition, covering 14 countries, strengthens our European presence and capabilities, further enhancing our ability to contribute positively to the labor market. The exciting journey we have undertaken so far is built on the exceptional contributions of our people - the greatest asset and value of our Group. Thanks to their work, we face the future with determination as we continue to pursue our goal even in these unprecedented times: to have a positive impact on the evolution of society through work, inspired by our Sustainable Work Manifesto

Key consolidated results, as of December 31st, 2023

In FY 2023, Gi Group Holding reported revenues of €3.9 billion, marking a 6.4% increase over the previous year, with a further acceleration of performance in foreign countries outside Italy (+11.3% y/y).
In detail, regional performance shows: USA (+115.5% y/y), Germany (+29.5% y/y), APAC – Switzerland – Baltics (+25.2% y/y), Central Europe (+14.8% y/y), Eastern Europe (+8% y/y) and LATAM & SW Europe (+5.7% y/y), Italy (+0.7% y/y), North-western Europe (-1.8% y/y).

Regarding business lines, Temporary and Permanent Staff, which represents the primary driver of revenue and FTEs, saw an increase of 6.3% y/y. Career transition and Employability grew by 55.1% y/y, followed by Professional Staffing (+13.0% y/y), Learning and Development (+11.2% y/y), Business Processes Outsourcing (+9.6% y/y) and Middle and Senior Managers Search & Selection (-14.3% y/y).

Thanks to successful business management and great effort by employees, profitability improved with a gross profit of €559 million (+10% vs FY2022) and a gross margin of 14.2% (up from 13.8% in 2022).
EBITDA stood at €108 million, compared to €118 million in 2022, due to the reduction of business mainly in North-Western Europe and France. Net profit amounted to €36 million (€54 million in FY 2022).

As of December 31, 2023, the Group’s net financial debt amounts to €264.4 million (vs €256.5 million in 2022) with a net financial debt to EBITDA ratio equal to 1.94. Total Shareholders’ Equity increased to €215 million, compared to €196 million as of December 31, 2022.
The Full Time Equivalent (FTE) stood at 160,000, showing a continuous growth (+11% y/y and a 2015-2023 CAGR of 10%).

ESG Progress

Throughout 2023, Gi Group Holding furthered its commitment to ESG criteria, which are a cornerstone of the Group’s business model. Partnering with Fondazione Gi Group, the company continued its efforts to generate a positive social impact and promote the culture of Sustainable Work globally.


Download the FY2023 Results Preview to discover more.

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