Gi Group Holding Publishes the 2023 Annual Report, Highlighting Strong Growth and Global Expansion
Gi Group Holding is proud to announce the release of its 2023 Annual Report, showcasing a year of significant growth and strong financial performance.
The report highlights the company’s continued expansion and resilience across various regions and business lines, driven by strategic initiatives and the dedication of our global workforce.
Financial Performance Overview
In FY 2023, Gi Group Holding achieved a revenue of €3.9 billion, reflecting a 6.4% increase compared to the previous year. This growth was particularly robust in markets outside Italy, which experienced an impressive 11.3% year-on-year increase.
- 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: +8.0% y/y
- LATAM & SW Europe: +5.7% y/y
- Italy: +0.7% y/y
- North-western Europe: -1.8% y/y
Business Lines Performance
The company’s core business lines also delivered strong results. Temporary and Permanent Staffing, which remains the primary driver of revenue, saw a 6.3% year-on-year increase. Other notable performances included:
- Career Transition and Employability: +55.1% y/y
- Professional Staffing: +13.0% y/y
- Learning and Development: +11.2% y/y
- Business Processes Outsourcing: +9.6% y/y
- Middle and Senior Managers Search & Selection: -14.3% y/y
Profitability and Financial Health
Despite challenges in specific regions, Gi Group Holding maintained solid profitability. The company reported a gross profit of €559 million, a 10% increase from FY2022, with a gross margin improving to 14.2%. EBITDA stood at €108 million, slightly down from €118 million in 2022, primarily due to market contractions in North-Western Europe and France. The net profit for the year was €36 million, compared to €54 million in the previous year.
The Group’s net financial debt as of December 31, 2023, was €264.4 million, with a net financial debt to EBITDA ratio of 1.94. Total Shareholders’ Equity increased to €215 million, reflecting a solid financial foundation.
Looking Ahead
Gi Group Holding remains committed to driving sustainable growth and enhancing its global impact. The 2023 Annual Report underscores the Group’s resilience and strategic agility, setting a strong foundation for continued success in the years to come.
For a detailed overview of our 2023 performance and future outlook, please dowload the full 2023 Annual Report.
