WDB Holdings Co. Ltd (2475:TYO), a Japanese holding company that includes staffing firms, reported revenue on Friday rose 1.2% in the nine months ended 31 December 2022 to JPY 35.73 billion (USD 271.3 million).

WDB Holdings provides four core services primarily in the clinical/scientific sector: human resource services (permanent placement and temporary dispatch), outsourced research services (CRO), R&D/manufacturing, and ‘interaction’ services (M&A and research).

Looking ahead WDB Holdings forecasted revenue of JPY 47.24 billion (USD 358.7 million) for the year ended 31 March 2023.

In the human resources services business, the group said it implemented improvement in the treatment of employees based on a medium-to long-term management plan announced last year. In July 2022, the group revised compensation for temporary employees.

The group said after implementing this initiative, it increased the number of new registered employees and is working to reduce the retirement rate of existing temporary employees, adding that it is seeing a ‘certain effect’.

Revenue in the Human Resources business increased by 1.2% year on year. Its CRO business saw revenue increase by 7.3% year on year.

WDB Holdings shares closed on Friday at JPY 2,139 (USD 16.24), down 0.09% on the day. The company has a market cap of JPY 42.23 billion (USD 320.70 million).