Persol Holdings Co. Ltd. (2181:TYO), the second-largest Japanese staffing firm, reported revenue rose 9.4% year over year to JPY 328.70 billion (USD 2.28 billion) in its fiscal first quarter ended 30 June.

The company likely benefited from positive foreign currency movements against the Japanese Yen which will have inflated the performance of its non-Japanese businesses but did not provide constant currency growth figures in its results announcement.

Persol reported demand rose in Japan while the Asia Pacific region in general was on the road to recovery with the exception of some regions where the impact of Covid-19 persisted.

First-quarter revenue rose across business units with the exception of its business process outsourcing, or BPO, business unit where revenue fell 5.7%.

In Persol’s largest business unit by revenue, staffing, revenue rose 8.4% to JPY 144.79 billion (USD 1.00 billion). Staffing encompasses Persol’s temporary employment operations including clerical and administrative staff.

In the technology business unit, revenue rose 13.6%. This unit includes manufacturing and development outsourcing business, the IT and engineering areas, as well as temporary staffing for engineers. Separately, the career business unit saw revenue rise 31.8%. The career unit supports corporate clients’ mid-career hiring activities. It also includes a job recruitment media business.

In the Career business unit, which includes placement business, supporting corporate clients' mid-career hiring activities, and job recruitment media business revenue increased 31.8%.

In the Asia Pacific business unit, which operates temporary staffing and placement business in Asia and a staffing business and facility management business in Australia (operating under the PERSOLKELLY brand in Asia and under the Programmed brand in Australia), revenue was up 8.9%.

Guidance

The firm estimates revenue will be up 7.8% for the full fiscal year ending in March.

Share price

Shares in Persol closed down 0.38% to JPY 2,762 (USD) on Thursday in Tokyo; they were 9.95% above their 52-week low.