Persol H1 revenue rises 9.6% with broad-based growth
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Japanese staffing giant Persol (2181: JP) reported revenue on 11 November for the first six months ended 30 September 2024 of JPY 717.6 billion (USD 4.3 billion), an increase of 9.6% compared to the same period last year.
During the first six months of the consolidated fiscal year under review, the group moved ahead by positioning Career SBU (strategic business unit), BPO SBU, and Technology SBU, which it positioned as pillars of profit growth, as the domains of focus in accordance with the policy under its mid-term management plan 2026. As a result, all SBUs posted increased revenue, with group-wide revenue increasing 9.6%.
(JPY millions) | H1 2023 | H1 2023 | Change | H1 2023 (USD millions) |
Revenue | 717,586 | 654,887 | 9.6% | 4,668.4 |
Operating Profit | 32,102 | 26,379 | 21.7% | 208.8 |
Profit before tax | 32,015 | 25,982 | 23.2% | 208.3 |
EBITDA | 47,939 | 40,771 | 17.6% | 311.8 |
Adjusted EBITDA | 42,774 | 35,039 | 22.0% | 278.2 |
Profit attributable to owners of parents | 21,381 | 16,768 | 27.5% | 139.1 |
H1 Revenue by segment
(JPY millions) | H1 2023 | H1 2023 | Change | H1 2023 (USD millions) |
Staffing | 299,950 | 286,459 | 4.7% | 1,951.1 |
BPO | 54,593 | 54,137 | 0.8% | 355.1 |
Technology | 49,415 | 49,415 | 10.7% | 321.4 |
Career | 72,883 | 63,388 | 14.9% | 474.1 |
APAC | 237,359 | 203,223 | 16.8% | 1,543.9 |
Other | 18,368 | 16,550 | 10.9% | 119.5 |
Adjustment | -20,304 | ｰ18,287 | - | -132.0 |
Revenue in the staffing business increased, primarily reflecting a 3.0% year-on-year increase in the number of temporary staff employed and a 1.9% year-on-year increase in average billing rates, in addition to a strong performance in the placement business.
Revenue in BPO increased due to organic growth, which more than offset a decline in revenue from COVID-19-related business.
In the technology business, revenue increased because the outsourcing business in the engineering area saw growth in demand, mainly for development in the manufacturing industry and steady growth was seen in the IT/DX (digital transformation) solutions area.
Revenue in the career SBU increased on the back of strong recruitment demand despite the economic outlook remaining uncertain. Career SBU comprises a number of different services: career change support (including permanent placement, job recruitment media and direct recruiting); side job/freelancer support businesses; career autonomy services; employment support for non- Japanese human resources; and offshore development.
In Asia Pacific, revenue increased with steady growth primarily in the facility management business as well as the impact of the foreign exchange rate.
Looking ahead, the company forecasted revenue of JPY 1.45 trillion (USD 9.43 billion) for the year ended 31 March 2025.
Persol Holdings shares closed on 11 November at JPY 255.10 (USD 1.66), down 1.32% on the day and 11.67% below its 52-week high of JPY 288.80 (USD 1.88), set on 3 September 2024. The company has a market cap of JPY 602.82 billion (USD 3.92 billion).