All businesses units registered growth at Persol Holdings (2181:TYO), the second-largest staffing firm in Japan. The Tokyo-based firm reported revenue rose 9.8% year over year to JPY 360.81 billion (USD 2.24 billion) in its fiscal first quarter ended 30 June.

Gross margin improved and profit rose 37.1% year over year to JPY 13.34 billion (USD83 million).

In Persol’s staffing segment, the company noted temporary staffing revenue rose while perm placement revenue fell. Total revenue in the segment rose 4.4% year over year driven by a 3.1% increase in the number of temporary staff employed and a 2% increase in average bill rates.

The company’s BPO segment — which provides business process outsourcing — saw revenue grow 2.8% in the first quarter.

Persol’s technology segment, which provides IT engineering and solutions, saw revenue rise 9.8%. The company cited growth in demand, mainly in the manufacturing industry.

The Career segment, which provides perm placement and outplacement among other services saw revenue increase by 15.9%.

Persol’s Asia Pacific segment, which operates staffing businesses in other parts of Asia and Australia, saw revenue rise 17.6%. Perm placement was “weak in some countries,” the company said in its release, but “temporary staffing basically remained strong in all countries.” The segment operates under the Persolkelly brand in Asia and the Programmed brand in Australia.

Earnings were released 8 August. Persol’s fiscal year ends 31 March 2025.

Persol Holdings Co. Ltd. - Q1 2024

Revenue by Business Unit

Guidance

Persol forecast revenue will be up 6.3% year over year in the first half of its fiscal year. It projects revenue will be up between 6.8% and 7.7% for the full fiscal year.

Share Price

Shares in Persol closed up 12.07% to JPY 271.20 (USD 1.85) on 9 August in Japan. They were 2.64% below their 52-week high.