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Japan – Gig Works revenue rises 7% in full fiscal year, gross margin narrows

08 December 2021

Gig Works Inc. (2375:TYO), which ranks as the 32nd-largest staffing firm in Japan according to SIA research, announced Tuesday that sales rose 7.1% in its fiscal year ended 31 October 2021.

Gross margin narrowed while net income declined.

The Tokyo-based company provides on-demand staffing of engineers, construction workers and others. It also operates in the sharing economy by developing co-working spaces among other things.

Gig Works forecast revenue for the full fiscal year ending 31 October 2022 would increase by 13.4% to JPY 24.0 billion (USD 211.9 million).

(JPY thousands) FY ended 31 Oct. 2021 FY ended 31 Oct. 2020 % change FY ended 31 Oct. 2021 (USD thousands)
Sales                    21,169,041                    19,770,958 7.1%                                                 185,652
Gross profit                      4,884,613                      4,805,437 1.6%                                                   42,838
Gross margin 23.1% 24.3%    
Net income                          434,518                         657,067 -33.9%                                                     3,811

Share price and market cap

Gig Works shares closed up 5.53% to JPY 553.00 (USD 4.88) on Tuesday in Tokyo; the company had a market cap of JPY 11.47 billion (USD 101.3 million), according to FT.com. Shares were 10.16% above their 52-week low.