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WorxInvest validates its aspirations in the first half of 2024
Net result share of the group increases with 21% to EUR 63.3 million
With the official closing of the Gimv deal in May 2024, the continuation of SD Worx’ growth trajectory and the launch of its first fund of funds, WorxInvest Horizon I, WorxInvest is looking back on a successful first half of the year.
In 2024, WorxInvest continued to build on the transformational year 2023. We are pleased with the reported results. Both SD Worx and Gimv, the two main participations, are performing strong, although the macroeconomic situation in Europe remains an attention point. The growth trajectory of both Gimv’s portfolio companies and SD Worx partially relies on the economic climate in Europe, which remains uncertain throughout 2024. Additionally, we thank our first investors in our WorxInvest Horizon I fund of funds for the confidence they place in our investment teams. We are proud to have raised over EUR 100 million at first closing as per July 3rd, 2024. Within WorxInvest Horizon I, funds will be diversified, both geographically (with companies from Europe and North America), and in terms of industries.
Filip Dierckx
Executive Chairman of WorxInvest
The consolidated net result per 30 June 2024 amounts to EUR 115.5 million. This record result is impacted by the badwill income of EUR 39.3 million recorded on the first consolidation of Gimv. The share of WorxInvest in the results of Gimv has been accounted for using the equity method. However, also without this one-off profit windfall, the interim results are strong. The share of the group in the net result excluding badwill increases by 21% from EUR 52.5 million to EUR 63.3 million.
Apart from the Adjusted EBITDA contribution of SD Worx (EUR 121.5 million) and Gimv (EUR 9.9 million), the results are supported by the investment of excess cash and financial support income. The high short term interest rate environment in the first half of 2024 drove operational financial income.
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