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View All NewsJapan – Benext first quarter revenue sinks 12.9% as profits tumble
Japanese technical staffing firm BeNext, formerly known as Trust Tech (2154: JP), reported revenue today of JPY 17.74 billion (USD 169 million) for the first quarter ended 30 September 2020, a decrease of 12.9% compared with the previous year.
The group said the decrease in revenue compared to Q4 was affected by the UK business from April to June due to Covid-19. In a separate announcement today, Benext’s Welsh subsidiary, Gap Personnel announced that it had secured £30 million in funding to support expansion.
| (JPY millions) | Q1 2021 | Q1 2020 | Change | Q1 2021 (USD millions) |
| Revenue | 17,743 | 20,366 | -12.9% | 169.0 |
| Gross Profit | 3,111 | 4,127 | -24.6% | 29.6 |
| Operating Profit | 856 | 1,278 | -33.0% | 8.1 |
| EBITDA | 707 | 1,559 | -54.7% | 6.7 |
| Net Income | 590 | 753 | -21.6% | 5.6 |
Revenue by segment
| (JPY millions) | Q1 2021 | Q1 2020 | Change | Q1 2021 (USD millions) |
| Engineering | 10,657 | 10,702 | -0.4% | 101.5 |
| Manufacturing | 1,936 | 2,389 | -19.0% | 18.4 |
| Overseas | 5,151 | 7,276 | -29.2% | 49.0 |
The coronavirus pandemic had a partticular impact on the manufacturing and overseas segments.
The company also provided a forecast for the year ended June 2021 of JPY 77.80 billion (USD 741.2 million).
According to SIA’s Largest Staffing Firms in Japan report, Benext was the 17th largest staffing firm in Japan based on revenue.
Shares in Benext Group closed at JPY 1,125.00 (USD 10.72), up 0.09% on the day and 25.69% below its 52-week high of JPY 1,514.00 (USD 14.43), set on 14 November 2019. The company has a market cap of JPY 44.99 billion (USD 428.66 million).