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View All NewsJapan – UT Group revenue up 36.2%, number of technical employees rises 33%
UT Group Co. Ltd. (2146:TYO) reported Friday that net sales rose 36.2% in its fiscal year ended March 31, reaching a record level. The manufacturing staffing provider reported the number of technical employees rose 33% year over year to 31,636.
Demand for personnel in the automotive sector remained firm, the Tokyo-based company reported. UT Group also cited robust demand from business in the semiconductor sector due to an increase in demand for semiconductors in autos and 5G amid a global semiconductor shortage.
(JPY millions) | FY ended 31 March 2022 | FY ended 31 March 2021 | % change | FY ended 31 March 2022 (USD millions) |
Net sales | 156,769 | 115,131 | 36.2% | 1,286 |
Gross profit | 27,770 | 21,602 | 28.6% | 228 |
Gross margin | 17.7% | 18.8% | ||
Profit | 3,140 | 4,299 | -27.0% | 26 |
However, the company reported lower profit as it moved to accelerate sales growth. It also reported an extraordinary loss caused by a partial delay in the posting of acquisition expenses for newly consolidated companies.
Guidance
UT Group forecast the revenue will be up 14.8% in its next fiscal year, which ends March 31, 2023.
Share price and market cap
Shares in UT Group closed down 4.47% in Tokyo on Monday to JPY 2,417 (USD 18.68), and they set a new 52-week low during trading when they reached JPY 2,278 (USD 17.61), according to FT.com. The company had a market cap of JPY 102.72 billion (USD 794.0 million).