Japanese staffing firm and job board Dip Corp. (2379: JP) reported revenue for the fourth quarter ended 28 February 2021 of JPY 7.96 billion (USD 72.4 million), down 31.8% compared to the same period the prior year.

The company also published full year 2020 revenue of JPY 32.49 billion (USD 295.80 million), down 30% compared to the previous year.

Dip noted that it adopted consolidated accounting, starting from the third quarter of the fiscal year ended February 2021. Its figures for the fiscal year ended February 2020 (FY2020) are non-consolidated and are for reference purposes.

Fourth quarter results are as follows.

The group said a reduction in SG&A (Selling, General and Administrative Expenses) was realised through cuts in advertising spending in Q4 2021. This included significant reductions in advertising expenses mainly in TV commercials (spot ads) and web ads. Bonuses and personnel costs were decreased. Other costs decreased due to a reduction in travel and transportation expenses.

Looking ahead the company forecasts full year revenue between JPY 42.80 billion to 49.00 billion (USD 389.6 million to 446.1 million) for the year ended 28 February 2022.

Dip Corp said it plans to further strengthen competitive edge through aggressive investments in new services and promotion within its Personnel Recruiting Services business. For its digital transformation business, the group plans to maintain strong sales growth and aim for full-year sales of more than JPY 2.3 billion, three times the level of FY 2021.

Dip Corp is primarily involved in the provision of job information and employment agency business through the internet.

Shares in Dip Corp closed today at JPY 2,820.00 (USD 25.67), up 1.00% on the day and 12.15% below its 52-week high of JPY 3,210.00 (USD 29.23), set on 16 February 2021. The company has a market cap of JPY 174.95 billion (USD 1.59 billion).