Open Up Group (2154:TYO), a Tokyo-based provider of engineering staffing, reported revenue rose 19.6% year over year to JPY 46.56 billion (USD 289 million) in its fiscal fourth quarter ended 30 June. It also announced the acquisition of IT staffing firm Ophiuchus Invesco.

Full-year revenue at the Tokyo-based company rose 14.9% to JPY 173.23 billion (USD 1.08 billion).

Open Up said revenue growth for the fiscal year was driven by an increase in personnel in both its “machinery, electronics and IT software” segment and construction segment; a boost from foreign exchange; and its acquisitions of UT Construction and UT Technology from the UT Group in April.

• “Machinery, electronics and IT software” revenue rose 16.9% year over year in the fourth quarter to JPY 24.72 billion (USD 153.6 million).
• Construction revenue rose 21.1% to JPY 12.35 billion (USD 76.7 million).
• Overseas revenue rose 24.3% to JPY 9.09 billion (USD 56.5 million).

Acquisition

Open Up announced it is acquiring engineering staffing firm Ophiuchus Invesco in a deal that is expected to close in October for JPY 6.00 billion (USD 40.8 million). Ophiuchus is based in Nagoya, Japan.

The deal follows earlier acquisitions. In April, Open Up acquired UT Construction and UT Technology, from UT Group. The acquisition price was forecast to be JPY 5.00 billion (USD 34.1 million) for UT Construction and JPY 2.37 billion (USD 16.2 million) for UT Technology.

UT Construction provides staffing of construction engineers and UT Technology provides on-site contracted services in technology development.

In addition, Open Up Group sold its BeNext Partners manufacturing staffing business to UT Group in April as well.

Open Up Group ranks as Japan’s seventh-largest staffing firm, according to SIA data. The company reported earnings on 9 August. The company was formerly known as BeNext-Yumeshin Group and has operations in the UK as well as Japan.

Open Up Group - Q4 2024

Open Up Group - FY 2024

Share Price

Shares in Open Up Group closed up 2.66% to JPY 1,889.00 (USD) on 9 August in Japan. They were 18.95% above their 52-week low.