JAIC (7073: TYO), a Japan-based professional services firm primarily engaged in education-integrated recruitment services, reported revenue for the nine-month period ended 31 October today of JPY 1.71 billion (USD 16.5 million), a decrease of 24.8% compared to the same period last year.

The Covid-19 pandemic had an impact on sales leading to a fall in the number of contracts and a fall in the number of job vacancies. The group also had to postpone and cancel training that it had already ordered.

JAIC also announced that it is proceeding with the consolidation and abolition of some bases as well as reduction and relocation.

“We are making improvements and will continue to work toward developing new services and improving profitability,” the group added.

Looking ahead the company forecasted revenue of JPY 2.41 billion (USD 23.1 million) for the year ended 31 January 2021.

Shares in JAIC Co closed at JPY 3,030.00 (USD 29.14), down 0.49% on the day and 13.48% above the 52 week low of JPY 2,670.00 (USD 25.68) set on 3 December 2020. The company has a market cap of JPY 2.76 billion (USD 26.5 million).