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View All NewsWill Group 9-month revenue falls 4.3% while profits tumble
Japanese HR firm Will Group (6089:TYO), which focuses on temporary staffing, business contracting and recruitment, reported revenue today of JPY 103.91 billion (USD 702.9 million) for the nine months ended 31 December 2023, a decrease of 4.3% when compared to the same period last year.
| (JPY millions) | 9 months 2023 | 9 months 2022 | Change | 9 months 2023 (USD millions) |
| Revenue | 103,917 | 108,613 | -4.3% | 702.9 |
| Gross Profit | 23,107 | 24,163 | -4.3% | 156.3 |
| Gross Margin | 22.2% | 22.2% | - | - |
| Operating Income | 2,795 | 3,867 | -27.7% | 18.9 |
| Profit before Tax | 2,719 | 3,749 | -27.5% | 18.4 |
| Net Income | 1,671 | 2,493 | -33.0% | 11.3 |
In Japan, although new project development was stagnant in the sales outsourcing domain and the call centre outsourcing domain, results were strong in other domains.
In the overseas segment, temporary staffing sales declined as a result of a fall in the number of workers on assignment following hiring constraints for some customers in Australia. Permanent placement sales also decreased due to the post-Covid-19 surge in permanent placement demand in the previous fiscal year running its course.
The Domestic Working Business saw revenue fall by 2.1% year on year. The Overseas Working Business saw revenue fall 4.3% year on year.
In the Others segment, the company transferred the shares of HiBlead Inc. at the end of the previous fiscal year, which resulted in decreased revenue as the said company was excluded from the scope of consolidation. Revenue was down 88.1% over the year.
Looking ahead the company forecasted revenue of JPY 144.00 billion (USD 973.9 million) for the year ended 31 March 2024.