Geechs H1 revenue increases by 2.2%, with IT HR businesses up
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Geechs (7060:TYO), a provider of IT freelancer staffing, reported on 8 November that revenue rose 2.2% in its first six months ended 30 September 2024 to JPY 12.18 billion (USD 79.2 million).
(JPY millions) | H1 2024 | H1 2023 | Change | H1 2024 (USD millions) |
Revenue | 12,183 | 11,917 | 2.2% | 79.2 |
EBITDA | 256 | 247 | 3.5% | 1.6 |
Gross profit | 1,719 | 2,139 | -19.6% | 11.2 |
Gross margin | 14.1% | 17.9% | - | - |
Operating profit | 193 | 104 | 84.3% | 1.2 |
Net profit | 164 | -11 | - | 1.0 |
The company’s name, Geechs, is an amalgamation of the words “geek” and “tech.” Other companies under the Geechs umbrella are the Launch Group and Seed Tech. Launch Group operates IT staffing and MSP businesses in Australia. It has also developed an in-house VMS. Seed Tech is developing education and offshore development businesses.
The domestic IT human resources business saw revenue rise by 7.6%. The overseas IT human resources business was up 23.0%. The Seed Tech business reported revenue rose 25.6% from the same period last year. The other business is the x-Tech business of Geechs, which provides digital marketing support and D2C (direct to-consumer) support, mainly in the sports field, such as golf. Revenue in this business was down 42.3%.
Looking ahead, the company forecasted revenue of JPY 26.30 billion (USD 171.0 million) for the year ended 31 March 2025.
Geechs shares closed on 8 November at JPY 451.00 (USD 2.93), up 3.67% on the day. The company has a market cap of JPY 4.51 billion (USD 29.3 million).