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Japan – TechnoPro reports Q2 revenue up 11%, recovers to pre-pandemic levels

02 February 2022

Revenue at TechnoPro Holdings Inc. (6028:TYO) rose 11.1% year over year in the company’s fiscal second quarter ended 31 December. TechnoPro reported engineering staffing, its main business, has largely recovered to pre-pandemic levels in the first six months of the fiscal year.

(¥millions) Q2 2022 Q2 2021 % change Q2 2022 (US$millions)
Revenue                            44,723                           40,256 11.1% $389
Gross profit                            12,009                              9,631 24.7% $104
Gross margin 26.9% 23.9%    
Net profit                              5,146                              3,706 38.9% $45

TechnoPro noted revenue surpassed guidance. The company had forecast revenue of JPY 84.00 billion (USD 729.7 million) for the six months ended 31 December, but actual revenue was JPY 86.36 billion (USD 750.2 million). Increased demand resulted in the number of engineers, utilisation ratio and average monthly unit sales price exceeding expectations. TechnoPro had also acquired Robosoft Technologies Pvt. Ltd. in August.

TechnoPro had 23,599 engineers at the end of the second quarter, up 8.1% year over year.

Guidance

The company raised its forecast for full-year revenue to JPY 174.00 billion (USD 1.51 billion), an increase of 7.9% from the previous year. The company previously had forecast full-year revenue of JPY 170.00 billion (USD 1.48 billion).

Share price and market cap

Shares in TechnoPro closed up 1.83% to JPY 2,954 (USD 25.61) on Tuesday in Tokyo; they were 21.56% above their 52-week low of JPY 2,430 (USD 21.07) set on 12 August, according to FT.com. The company had a market cap of JPY 314.53 billion (USD 2.73 billion).