Concentration in a Single Business
First written in FY2018. 2 of 6 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2025: 22 of 57 companies on the "Worse" side.
5 other companies' latest entry also says "Other".
- FY2026Revenue from businesses other than MSR declined as a percentage of total revenue from the previous fiscal yearAnnual report
「As a result of these initiatives, revenue from businesses other than MSR accounted for 25.5%, up from 13.7% before the COVID-19 pandemic.」
Although revenue from businesses other than MSR remained above the pre-pandemic level of 13.7%, it declined from 26.6% in the previous fiscal year to 25.5%. - FY2025Revenue from businesses other than MSR declined as a percentage of total revenue from the previous fiscal yearAnnual report
「As a result of these initiatives, revenue from businesses other than MSR accounted for 26.6%, up from 13.7% before the COVID-19 pandemic.」
Although revenue from businesses other than MSR remained above the pre-pandemic level of 13.7%, it declined from 32.6% in the previous fiscal year to 26.6%. - FY2024MitigatedAnnual report
「Revenue from businesses other than MSR accounted for 32.6%, compared with 13.7% in the fiscal year ended March 2019, the last 12-month fiscal year before the COVID-19 pandemic, and the various new services launched since the pandemic have begun to deliver results.」
To address the risk of concentration in a single business, the revenue mix excluding MSR expanded from 13.7% to 32.6%, and the new services were said to have delivered results. - FY2020RestatedAnnual report
「The Group operates a single business, mystery shopping research. If the market environment deteriorates, for example because customer companies reduce investment in training and education due to adverse economic conditions, the Group could be significantly affected and would be unable to offset the impact through other business areas, potentially affecting its operating results and financial position.」
The risk that the impact of a deteriorating market environment cannot be offset through other businesses due to concentration in the single MSR business continues. - FY2019RestatedAnnual report
「The Group operates a single business, mystery shopping research. If the market environment deteriorates, for example because customer companies reduce investment in training and education due to adverse economic conditions, the Group could be significantly affected and would be unable to offset the impact through other business areas, potentially affecting its operating results and financial position.」
The risk that the impact of a deteriorating market environment cannot be offset through other businesses due to concentration in a single business continues. - FY2018First statedAnnual report
「The Group operates a single business, mystery shopping research. If the market environment deteriorates, for example because customer companies reduce investment in training and education due to adverse economic conditions, the Group could be significantly affected and would be unable to offset the impact through other business areas, potentially affecting its operating results and financial position.」
Concentration in the single MSR business creates a risk that the impact of a deteriorating market environment cannot be offset through other businesses.