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View All NewsJapan – UT Group first quarter revenue increase driven by broad-based growth
Engineering and technical staffing firm UT Group Co. Ltd. (2146:TYO) reported revenue on Friday rose by 16.1% in the first quarter.
| (JPY millions) | Q1 2022 | Q1 2021 | % change | Q1 2022 (USD millions) |
| Net sales | 84,284 | 72,578 | 16.1% | 605.3 |
| Gross profit | 16,293 | 12,459 | 30.7% | 117.0 |
| Gross margin | 19.3% | 17.1% | - | - |
| EBITDA | 7,426 | 2,890 | 156.9% | 53.3 |
| Operating profit | 6,844 | 2,271 | 201.3% | 49.1 |
| Net Profit | 4,440 | 710 | 525.2% | 31.9 |
From 1 April 2022, UT Group carried out a major reorganisation. Operating companies with common business characteristics were integrated to enhance the ability to execute each growth strategy of the company’s Medium-term Business Plan.
The segment classification has been changed from the previous three segments (Manufacturing, Solution, and Engineering) to five segments (Manufacturing, Area, Solution, Engineering, and Overseas).
In the manufacturing business, revenue was up 15.5% over the year. Revenue in the area business increased by 18.4%. The area business is focused on area-based personnel services and is focused on worker dispatch in local areas to respond to the desire of workers who want to work locally.
The solution business increased by 7.4%. Meanwhile, engineering was up 15.9% and overseas was up by 31.5%.
Looking ahead, the company forecasted revenue of JPY 180.0 billion (USD 1.29 billion).
Shares in UT Group closed on Friday at JPY 2,644 (USD 18.99), up 7.17% on the day. The company has a market cap of JPY 109.87 billion (USD 789.0 million).