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Japan – GiG Works revenue rises 22% in first nine months of fiscal year

13 September 2021

GiG Works Inc. (2375:TYO) reported revenue rose 21.5% year over year in the first nine months of its fiscal year. The first nine months of the fiscal year ended 31 July while the full fiscal year ends 1 November. The Tokyo-based company provides on-demand staffing of engineers, construction workers and others, according to FT.com. It also operates in the sharing economy by developing co-working spaces among other things.

(JPY thousands) First nine months FY 2021 First nine months FY 2020 % change First nine months FY 2021 (USD thousands)
Revenue                    16,283,112                    13,403,615 21.5%                                                 148,502
Gross profit                      3,893,683                      3,199,093 21.7%  
Gross margin 23.9% 23.9%    
Net income                          379,143                         323,098 17.3%                                                     3,458

Gross margin held steady in the first nine months while net income rose 17.3%.

The company had changed its name to GiG Works from ThreePro in 2019.

Guidance

GiG Works forecast revenue for the full year ending 1 November 2021 to be JPY 24.00 billion (USD 218. 3 million), a year-over-year increase of 21.4%

Share price and market cap

Shares in GiG Works closed down 12.41% on Monday to JPY 621 (USD 5.64); the company over the last year had traded in a range between JPY 472 and JPY 1,200. the company had a market cap of JPY 15.51 billion (USD 141.1 million).