Gi Group Holding confirms its position among the key Global Players in the Labor Market
Gi Group Holding, one of the leading global players in HR services and consulting, during today shared results achieved in the fiscal year ending on December 31, 2022, as well as the strategic business and sustainability developments.
February 2023 marked the 25th anniversary of Gi Group Holding. During this journey, the company has shown a constant path of growth and development which have allowed the Group to become one of the major global players in the industry, ranking 15th worldwide and 8th in Europe among staffing companies (according to SIA – Staffing Industry Analysts report – based on 2021 results).
Counting on the contribution and commitment of over 8,000 people, today, Gi Group Holding operates in 34 countries across Europe, America, and Asia, with over 650 branches and more than 20,000 client companies.
Gi Group Holding's growth strategy aims to evolve the labor market by creating sustainable, social, and economic value. This approach is reflected in our constant commitment to build a more effective and efficient HR ecosystem by promoting a work culture that satisfies the interests of businesses, individuals, and society. Our journey, started 25 years ago, has proven to be successful, and it was supported by continuous financial and economic growth. 2022 distinguished itself for being a year full of changes and innovation, including the Group’s reorganization, rebranding, digital transformation, and ESG projects. Furthermore, our external growth strategy went forward, and, in January 2023, with the 50th M&A operation, we achieved an important milestone. The goal for the future is to maximize overall value and internal synergies, streamline business management and cash flow, improve the Group's recognition, and promote internationalization. The success of our Group is the result of the collaborative work of all our people who contribute every day to the wellbeing and development of our company and our society, worldwide.
Key consolidated results, as of December 31st, 2022
For Gi Group Holding, fiscal year 2022 confirmed significant double-digit growth compared to 2021: revenues amount to €3.6 billion, showing a 12.3% increase compared to the previous year, with positive performance in all regions outside Italy, particularly Eastern Europe (+51% vs FY21), Latin America and Southern Europe (+41% vs FY21), Asia, Switzerland, and the Baltic countries (+28% vs FY21), Central Europe (+9% vs FY21), and Italy (+7% vs FY21). This positive performance is also evident in the business lines. Representing the main driver of revenue and FTE (Full Time Equivalent) growth, Temporary & Permanent Staffing increased by 12% compared to the FY 2021, followed by Business Processes Outsourcing (+29% vs FY21), Middle & Senior Manager – Search & Selection (+26% vs FY21), and Learning & Development (+29% vs FY21).
Profitability also increased, with a gross profit of €508 million (+20% vs FY2021), EBITDA of €139 million (+21.1% vs FY2021), and a net profit of €54 million (+33.4% vs FY2021).
As of December 31, 2022, the Group’s net financial debt amounts to €256 million (vs €207 million in 2021), maintaining a solid IFN/EBITDA ratio of 1.85x (vs 1.81x in 2021).
The Group’s net equity increased to €196 million compared to €144 million as of December 31, 2021.
Key events during the FY 2022 and subsequent events
2022 has been a year of substantial changes culminating in the renewal of the Group that aimed to seize growth opportunities and adapt to the changing market needs, as well as to optimally respond to the Group’s scale. This process began with the corporate restructuring and the establishment of Gi Group Holding S.p.A. as the head of the entire Group. The objective was to create a new structure capable of simplifying hierarchical levels and governance, managing central functions, coordinating the activities of Italian and foreign subsidiaries, and defining the Group’s strategies.
In line with the strategy of enhancing global identity and visibility, in 2022, the Group launched its Corporate Brand to represent all business lines, countries, and people, thereby strengthening brand awareness.
The two-year digital transformation plan for 2022-2023, marked by the establishment of the new “Global Digital, Innovation and Analytics” function, has been set into motion. Its primary objective is to turn Gi Group Holding into a data-driven organization, enabling informed decision-making through descriptive, diagnostic, and predictive analysis. Moreover, the plan seeks to streamline the recruitment process by incorporating automation. In this scenario, the Group invested in the cutting-edge Gi-Suite tool, a multi-product application for daily activity management. To ensure the smooth implementation of the transformation process and foster its adoption, in 2023, the Global Digital, Innovation and Analytics function established the Adoption & Change unit, aiming to support and guide resources throughout the operational phases, from initial preparation to monitoring selected KPIs, and the Database Monetization project to leverage the database’s potential.
During 2022, the M&A strategy has remained one of the key drivers to speed up the Group’s development and growth. With the successful acquisition of The Bridge Social, finalized in January 2023, Gi Group Holding completed its 50th M&A operation, accomplishing a significant milestone. The fruitful external growth strategy also led to significant achievements. Indeed, Gi Group Holding earned the prestigious “Finance for growth” award at the “M&A Award 2023” promoted by KPMG Italy and Fineurop Soditic.
Within Gi Group Holding’s business model, the ESG growth factors, which include the commitment to constantly generate not only economic but also social value, represent the key drivers to achieve true “Sustainable Work.”
To pursue this commitment, the Group partners with the Gi Group Foundation, which in 2022 obtained the status of an Italian “Third Sector Entity” designation. The Foundation supports the dissemination of the culture of Sustainable Work by implementing projects and providing targeted support for inclusion, targeting individuals facing difficulties in accessing or being excluded from the labor market.
