Japanese staffing firm Pasona Group (2168: JP), reported revenue for the six months ended 30 November 2023 of JPY 179.3 billion (USD 1.23 billion), down 2.5% compared with last year.

During the H1 period, revenue decreased from the previous fiscal year in Expert Services and Outsourcing due to a decrease in demand related to countermeasures for the Covid-19 infection up to the previous fiscal year, while revenue increased in BPO Services due to an increase in new project contracts.

On the other hand, in the Regional Revitalizations Solution, although the number of tourists, including inbound tourists, increased due to the lifting of restrictions on activities, revenue decreased from the same period of the previous fiscal year due to the summer heatwave and poor weekend weather, as well as the effect of the change in fiscal year-end of some subsidiaries made in the previous fiscal year.

Revenue in Life Solutions was down 5.0% while revenue in Regional Revitalisation Solutions fell by 9.5%.

Pasona Group said its consolidated earnings forecast for the fiscal year ending 31 May 2024 is not disclosed because there are many uncertain factors that may affect earnings at this time, and it is difficult to make a reasonable earnings forecast. The company will announce its full-year consolidated earnings forecast for the latest fiscal year when it becomes reasonably possible to do so.

Pasona Group shares closed today at JPY 2,543.00 (USD 17.51), up 0.43% on the day and 16.07% below its 52-week high of JPY 3,030.00 (USD 20.86), set on 11 December 2023. The company has a market cap of JPY 105.56 billion (USD 726.64 million).