Daily News
View All NewsJapan – Interworks to merge with Confidence and rebrand as Confidence Interworks, full year revenue rises 13%
Interworks (6032:TYO), a Japan-based recruitment company announced it is merging with Confidence (7374: JPX), a company in Japan involved with HR and media services.
The effective date of the merger is 1 August 2023.
Confidence will emerge as the surviving entity and its trade name will be changed to Confidence Interworks Co., Ltd while Interworks will be delisted from the Tokyo Stock Exchange on 28 July 2023.
Founded in 2014, Confidence provides temporary staffing and human resource services mainly for game companies.
Separately, Interworks reported revenue for the full year 2022 on Friday of JPY 2.85 billion (USD 21.0 million), up 13.1% over the previous year.
| (JPY millions) | FY 2022 | FY 2021 | Change | FY 2022 (USD millions) |
| Revenue | 2,857 | 2,525 | 13.1% | 21.0 |
| Gross Profit | 2,051 | 1,967 | 4.2% | 15.1 |
| Gross Margin | 71.8% | 77.8% | - | - |
| Operating Profit | 352 | 332 | 6.2% | 2.6 |
| Net Profit | 21 | 268 | -92.1% | 0.1 |
Revenue in the Recruitment business increased by 33.9% over the year while the recruitment support business saw revenue rise by 77.5% over the year. Revenue in the Media & Solutions Business was down 16.9% over the year.
On Friday, Interworks shares closed at JPY 372.00 (USD 2.74), no change on the day. The company has a market cap of JPY 3.55 billion (USD 26.1 million).