Japanese technical staffing firm BeNext, formerly known as Trust Tech (2154: JP) reported revenue yesterday of JPY 37.56 billion (USD 358.6 million), a decrease of 8.1% when compared to the prior year.

The group’s results were impacted by the pandemic. The group highlighted a fall in labour demand in the UK due to the country’s lockdowns. The group’s presence in the UK includes Gap Personnel and MTrec.

While operating income was down, during the period the group had received employment adjustment subsidies.

Last month the group announced it is merging with Yumeshin Holdings Co. Ltd, (2362:JP), a Japanese holding company mainly engaged in the business of labour dispatch. The absorption-type merger will see the creation of an engineer dispatching powerhouse. The merger will see BeNext as the surviving company.

BeNext and Yumeshin are the 17^th and 19^th  largest staffing firms in Japan according to SIA, respectively.

The merger is expected take effect on 1 April 2021. 

The group did not publish a forecast for the full year period.

Shares in Benext closed yesterday at JPY 1,247 (USD 11.91), up 0.56% on the day and 3.86% below its 52-week high of JPY 1,297.00 (USD 12.38), set on 4 January 2021. The company has a market cap of JPY 53.53 billion (USD 511.15 million).