Tsunagu Holdings (6551:JP), a Japan-based company offering recruitment related services, reported revenue on Monday for the first quarter ended 31 December 2020 of JPY 2.73 billion (USD 25.7 million), a decrease of 19.7% when compared to the same period last year.

Tsunagu engages in staff support and employment placement services. It provides recruitment supporting, corporate event outsourcing, job lead media operation, recruitment training, and other services.

The group said its results were impacted by the pandemic. In terms of costs, in the first quarter, the group promoted structural reforms aimed at maximising business value and minimising costs. A large one-time cost was recorded due to the reorganisation of the company and the significant reduction and integration of offices.

The group’s staffing business recorded an uptick in revenue of 7.3% during the period. However, its HR management business and Media and Technology business both reported decreases of 30.5% and 25.5%, respectively.

Looking ahead the company forecasted revenue of JPY 12.50 billion (USD 117.94 million).

Shares in Tsunagu closed at JPY 380.00 (USD 3.59) on Monday, down 4.5% on the day. The company has a market cap of JPY 2.94 billion (USD 27.74 million).