Japan-based staffing firm Fullcast Holdings (4848: JP) reported revenue on Friday of JPY 64.64 billion (USD 490.9 million) for the full year ending 31 December 2022, a 23.4% increase compared to last year.

Fullcast provides short-term human resources placement, payroll service outsourcing and long-term human resources dispatching. In the short-term operational support business, the company supports the following sectors: distribution, warehouse work, relocation, manufacturing, catering, sales promotion, call centres, and offices.

The group said it was able to acquire projects that exceeded the short-term demand for human resources before the pandemic, even as the Covid-19 crisis continued in Japan. This was mainly due to growth in the short-term ‘business support’ business due to the continued acquisition of government projects related to Covid-19.

Revenue in the short-term business support project was up 27.7% over the year. Revenue in the sales support business fell by 18.1%. The security and other business segment saw revenue slip by 17.7%.

Net income saw an increase due to a gain on sales of investment securities as extraordinary income.

On 31 May 2022, the group acquired the shares of Heyfield Co., Ltd., making it a consolidated subsidiary. Heyfield Co., Ltd. is a temporary staffing firm specialising in the real estate industry.

Looking ahead the firm forecasted revenue of JPY 66.26 billion (USD 503.2 million) for the full year ended 31 December 2023.

Fullcast shares closed on Friday at JPY 2,713 (USD 20.60), down 2.5% on the day. The company has a market cap of JPY 99.38 billion (USD 754.7 million).