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Japan – UT Group revenue up 36.2%, number of technical employees rises 33%

17 May 2022

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).