Full-Year Forecast Volatility Due to Carryover of Large Projects
First written in FY2022. 2 of 11 entries say "Worsened", first in FY2023-Q2. Latest entry: 2026-09-18.
IR Japan Holdings moved to the "Worse" side of this theme in 2022, 3 years after the typical company in this theme (2019).
The whole theme swung hardest in 2019: 5 of 9 companies on the "Worse" side.
5 other companies' latest entry also says "Restated".
- 2026-09-18RestatedRevisions to earnings forecasts
「We have not disclosed a full-year consolidated earnings forecast for the fiscal year ending March 2027 because, given the nature of the Group's operations, it is difficult at this time to reasonably calculate such a forecast.」
Although an interim earnings forecast was disclosed, the full-year earnings forecast remained undisclosed, reaffirming the difficulty of calculating the full-year outlook. - FY2026Annual results finalized with a slight decline in large projects and an increase in ordinary projectsAnnual report
「Large projects (¥50 million or more) in the consolidated fiscal year totaled ¥1,437 million, down 0.4% from the same period of the previous year. Ordinary projects (less than ¥50 million) totaled ¥4,704 million, up 8.4% year on year, due to an increase in new and additional mandates for beneficial-owner identification surveys based on strong relationships of trust with customers and equity consulting projects reflecting changes in the external environment.」
Large projects edged down to ¥1,437 million while ordinary projects increased to ¥4,704 million, confirming in the annual results a shift in the revenue mix from a focus on large projects to a focus on ordinary projects. - FY2026-H1Change in revenue mix due to a decline in large projects and an increase in ordinary projectsAnnual report
「Large-scale projects (¥50 million or more) during the six-month consolidated period declined 36.5% year on year to ¥430 million. Ordinary projects (less than ¥50 million) increased 18.1% year on year to ¥2,653 million, as new and additional engagements, including annual retainer agreements for equity consulting based on strong relationships of trust with customers, increased.」
Regarding the business structure's sensitivity to fluctuations in revenue from large projects, first-half results confirmed a change in the project mix, with large projects declining while ordinary projects increased. - FY2025Annual results confirm the change in revenue mix due to a decline in large projects and an increase in ordinary projectsAnnual report
「Large projects (¥50 million or more) in the consolidated fiscal year totaled ¥1,442 million, down 26.8% from the same period of the previous year, due to a decline in the number of mandates for some PA and FA projects involving contests for control and some corporate-side FA projects. Ordinary projects (less than ¥50 million) totaled ¥4,340 million, up 17.5% year on year, as mandates for new and additional projects increased substantially, including beneficial-owner identification surveys based on strong relationships of trust with customers and equity consulting projects reflecting changes in the external environment.」
Large projects declined to ¥1,442 million while ordinary projects increased to ¥4,340 million, confirming in FY2025 results a shift in the revenue mix from a focus on large projects to a focus on ordinary projects. - FY2025-H1Change in revenue mix due to a decline in large projects and an increase in ordinary projectsAnnual report
「Large-scale projects (¥50 million or more) during the six-month consolidated period declined 33.8% year on year to ¥676 million, reflecting a decrease in engagements for PA and FA projects involving contests for control. Ordinary projects (less than ¥50 million) increased 9.9% year on year to ¥2,246 million, as new and additional engagements, including annual retainer agreements for equity consulting based on strong relationships of trust with customers, increased from the second half of the previous fiscal year.」
The revenue mix changed as large projects declined and ordinary projects increased. This provides another indication of the variability in the business structure arising from its dependence on the recognition of large-project revenue. - FY2024Annual results confirm the shift in revenue mix toward large projectsAnnual report
「Large projects (¥50 million or more) in the consolidated fiscal year totaled ¥1,969 million, up 6.5% from the same period of the previous year, as the company won mandates primarily for PA and FA projects involving contests for control. Ordinary projects (less than ¥50 million) totaled ¥3,694 million, down 11.3% from the same period of the previous fiscal year.」
Revenue from large projects increased to ¥1,969 million, while revenue from ordinary projects declined to ¥3,694 million, confirming in the annual results a shift in the revenue mix toward large projects. - FY2024-Q3Shift in revenue mix toward large projectsAnnual report
「Large-scale projects (¥50 million or more) during the cumulative third quarter increased 32.0% year on year to ¥1,629 million, reflecting engagements mainly for PA and FA projects involving activist defence. Ordinary projects (less than ¥50 million) declined 16.2% year on year to ¥2,839 million.」
Revenue from large projects recovered to ¥1,629 million, up 32.0% year on year, while revenue from ordinary projects fell 16.2% to ¥2,839 million. The situation regarding the risk of full-year forecast fluctuations arising from dependence on and a shift in the mix toward large projects has changed. - FY2023-Q3WorsenedAnnual report
「Revenue from large projects (¥50 million or more) during the cumulative consolidated third quarter amounted to ¥1,234 million, down 53.5% year on year. Orders declined substantially because the company was unable to actively propose and execute a wide range of corporate reorganizations and M&A transactions involving PA and FA services, primarily contests for corporate control.」
Large projects declined from 26 projects and ¥2,652 million in the same period of the previous year to 15 projects and ¥1,234 million. The risk of revenue fluctuations due to lower execution of and orders for large projects has worsened further. - FY2023-Q2WorsenedAnnual report
「Orders for large projects (¥50 million or more) during the cumulative consolidated second quarter amounted to ¥414 million, down 75.5% year on year. Orders declined substantially because the company was unable to actively propose and execute a wide range of corporate reorganizations and M&A transactions involving PA and FA services, primarily contests for corporate control.」
Orders for large projects fell 75.5%, further worsening the risk of revenue and full-year forecast fluctuations associated with dependence on large projects, with the decline in orders taking the form of an impact from the investigation and related matters. - FY2023-Q1MaterialisedAnnual report
「Regarding the impact on operations of investigations and other actions by the Securities and Exchange Surveillance Commission, as of now only a small number of existing clients have cancelled their contracts. However, the timing of contracts with new clients that were in negotiations has been deferred, and the launch of large-scale PA and FA projects has also been delayed.」
Delays in launching large-scale PA and FA projects and the deferral of new contract timing actually occurred, bringing to the surface the risk of revenue and full-year forecast fluctuations arising from dependence on large projects. - FY2022First statedAnnual report
「As a result, large projects account for more than half of revenue, making continued fluctuations in the full-year forecast unavoidable, but we are confident that the path to medium- and long-term revenue and profit growth remains firmly established.」
The company first identified as a separate theme the risk of full-year forecast fluctuations because large projects account for more than half of revenue and projects may be deferred, forecasts may be reduced from the initial plan, or projects may be carried over to the following fiscal year.