Japanese technical staffing firm Open Up Group (2154: JP), previously known as BeNext-Yumeshin, reported revenue of JPY 44 billion (USD 290 million) for the three-month period ended 30 September 2023, up 12.8% over the year.

This increase in revenue is attributable primarily to growth in the number of employees in the Machinery, Electronics and IT Software Segment and the Construction Segment and high utilisation rates overall. Gross profit and the ratio of selling, general and administrative expenses to revenue remained constant. Net income decreased slightly due to higher recruitment costs, a one-off cost resulting from satisfying conditions for exercising share acquisition rights, and the absence of employment adjustment subsidies.

In the three months, revenue increased 12.9% in the machinery, electronics, and IT software segment. Revenue in the construction segment increased by 10.3%, and the manufacturing segment increased by 2.3%. In the overseas segment, revenue increased by 19.2%.

Looking ahead, the group forecasted revenue of JPY 178.0 billion (USD 1.17 billion) for the year ended 30 June 2024.

Open Up Group shares closed at JPY 2,056 (USD 13.55), up 5.54% on the day and 9.5% below its 52-week high of JPY 2,272 (USD 14.97), set on 31^st July 2023. The company has a market cap of JPY 188.29 billion (USD 1.24 billion).