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View All NewsJapan – Open Up Group revenue increases 8.3% as profits climb
Japanese technical staffing firm Open Up Group (2154: JP), previously known as BeNext-Yumeshin, reported revenue of JPY 119.92 billion (USD 890.3 million) for the nine-month period ended 31 March 2023, up 8.3% over the year.
| (JPY millions) | 9 months 2022 | 9 months 2021 | Change | 9 months 2022 (USD millions) |
| Revenue | 119,921 | 110,699 | 8.3% | 890.3 |
| Gross Profit | 29,300 | 25,741 | 13.8% | 217.5 |
| Gross Margin | 24.4% | 23.2% | - | - |
| Operating Profit | 11,286 | 9,249 | 22.0% | 83.7 |
| Profit attributable to owners of parent | 7,821 | 6,293 | 24.3% | 58.0 |
This increase in revenue is mainly attributable to growth in the number of employees in the Machinery, Electronics and IT Software, Construction, and Manufacturing Segments combined with consistently high utilisation rates.
On the profit front, profit improved overall in the absence of one-off costs such as PPA (purchase price allocation) amortization of intangible assets in the previous fiscal year in addition to improvement in hourly rates and higher utilization rates, all of which offset higher recruiting expenses.
Revenue increased 13.8% in the machinery, electronics, and IT software segment for the nine-month period. Revenue in the construction segment increased by 8.1% and the the manufacturing segment increased by 15.2%. In the overseas segment revenue fell by 5.3%. Revenue in the others Segment increased 17.0% year on year.
Looking ahead the group forecasted revenue of JPY 162.0 billion (USD 1.20 billion) for the year ended 30 June 2023.
Open Up Group shares closed at JPY 1,995.00 (USD 14.81), up 2.99% on the day and 3.25% below its 52-week high of JPY 2,062.00 (USD 15.31), set on 7 November 2022. The company has a market cap of JPY 177.36 billion (USD 1.31 billion).