Worth reading
75Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
809
¥ million (year-on-year decrease in consolidated revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationSecond quarter of the fiscal year ending December 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥4,096 million+82.4%
Operating profit¥232 million+42.1%
Ordinary income¥238 million+43.6%
Net income¥143 million+39.8%
Operating profit margin6.1%, down 7.4 percentage points from 13.5% in the same period of the previous year
Full-year earnings forecast
Net Sales
¥7,338 million
Gross profit
¥2,167 million
Operating profit
¥164 million
Ordinary income
¥151 million
Net income attributable to owners of the parent
¥91 million
EPS
¥25
Annual Dividend
¥85
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales85.7%
Gross profit74.4%
Operating profit18.9%
Ordinary income17.5%
Net income attributable to owners of the parent17.0%
EPS17.1%
Annual Dividend100.0%
By segmentInside sales: revenue 53.8%, profit 64.9%; Process & Technology: revenue 38.3%, profit 24.0%; Training: revenue 57.9%, profit 92.6%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The Process & Technology business is progressing steadily against the initial plan. The inside sales outsourcing and training businesses have had their earnings forecasts revised downward.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Consolidated revenue
Exclusion of トータルサポート from consolidation-506
Inside sales-176
Process & Technology-60
Training-66
Operating profit
Revenue (excluding TS)-303
Personnel Expenses-18
Outsourcing expenses-18
Recruitment costs-1
Advertising expenses9
Other-1
TS operating profit12
Group-wide common-cost adjustment0
Inside sales profit
Impact of lower revenue-176
Cost of sales34
SG&A expenses (personnel expenses)-14
SG&A expenses (recruiting expenses)-2
SG&A expenses (other)3
Group-wide common-cost adjustment3
Training profit
Net Sales-69
Cost of sales (personnel expenses)-38
Cost of sales (other)-2
SG&A expenses (personnel expenses)-7
SG&A expenses (other)10
New initiatives
- Acquired all shares of EraX in June 2026, making it a wholly owned subsidiary
- Established a new AI and DX business to operate as an independent AI segment
- Changed the sales coverage model for existing customers from one led by service delivery teams to one led by the sales department
- Established a new Resource Management Division
- Temporarily resumed accepting short-term telemarketing and spot projects
- Established a specialist organization for cross-selling to 110 new-hire training customers in the training business
- Established a new Business Investment Strategy Office
Key KPIsA metric the company considers important as a management benchmark.
- Revenue concentration of the top 10 customers58 %
- Customer retention rate among the top 10 customers by revenue90 %
- Contract duration for the top 10 customers by revenue9 Year
- Number of companies receiving training other than new-hire training13 % increaseYear on year against the same period last yearIncreased
- Inside sales contribution margin89.3 %
Segment results
Inside Sales Outsourcing Business
Sales
¥2,155 million+92.4%
Profit
¥159 million+51.8%
NotesFormer definition
Process and Technology Business
Sales
¥345 million+85.2%
Profit
¥1 million+4.6%
NotesFormer definition
Training Business
Sales
¥1,289 million+95.1%
Profit
¥104 million+49.5%
Medium-term management plan targets
The medium-term management plan for 2024–2026 calls for technology enhancement and an M&A strategy. Comparison of actual results with the numerical targets: Not disclosedFinancial targets
ROE16.0% or higher
PER18x or higher
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Loss of inside sales revenue base-620
Shortfall against the plan for expansion among existing customers-549
DetailsCompletion or downsizing of foreign IT projects and weak expansion among existing customers
Annual Dividend
¥85 per share
Payout ratio
50 %
OtherProgressive dividends
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥4,096 million (YoY +82.4%) |
| Operating profit | ¥232 million (YoY +42.1%) |
| Ordinary income | ¥238 million (YoY +43.6%) |
| Net income | ¥143 million (YoY +39.8%) |
| Operating profit margin | 6.1%, down 7.4 percentage points from 13.5% in the same period of the previous year |
| Full-year earnings forecast | Net Sales ¥7,338 million / Gross profit ¥2,167 million / Operating profit ¥164 million / Ordinary income ¥151 million / Net income attributable to owners of the parent ¥91 million / EPS ¥25 / Annual Dividend ¥85 |
| Progress against full-year forecast | Net Sales 85.7% / Gross profit 74.4% / Operating profit 18.9% / Ordinary income 17.5% / Net income attributable to owners of the parent 17.0% / EPS 17.1% / Annual Dividend 100.0% / By segment Inside sales: revenue 53.8%, profit 64.9%; Process & Technology: revenue 38.3%, profit 24.0%; Training: revenue 57.9%, profit 92.6% |
| Self-assessment against the plan | The Process & Technology business is progressing steadily against the initial plan. The inside sales outsourcing and training businesses have had their earnings forecasts revised downward. |
| Segment results | Inside Sales Outsourcing Business Sales ¥2,155 million (YoY +92.4%) / Profit ¥159 million (YoY +51.8%) / Process and Technology Business Sales ¥345 million (YoY +85.2%) / Profit ¥1 million (YoY +4.6%) / Training Business Sales ¥1,289 million (YoY +95.1%) / Profit ¥104 million (YoY +49.5%) |
| Breakdown of Factors Affecting the Change | Consolidated revenue Exclusion of トータルサポート from consolidation -506 / Inside sales -176 / Process & Technology -60 / Training -66 / Operating profit Revenue (excluding TS) -303 / Personnel Expenses -18 / Outsourcing expenses -18 / Recruitment costs -1 / Advertising expenses 9 / Other -1 / TS operating profit 12 / Group-wide common-cost adjustment 0 / Inside sales profit Impact of lower revenue -176 / Cost of sales 34 / SG&A expenses (personnel expenses) -14 / SG&A expenses (recruiting expenses) -2 / SG&A expenses (other) 3 / Group-wide common-cost adjustment 3 / Training profit Net Sales -69 / Cost of sales (personnel expenses) -38 / Cost of sales (other) -2 / SG&A expenses (personnel expenses) -7 / SG&A expenses (other) 10 |
| Key KPIs | Revenue concentration of the top 10 customers 58 %, Customer retention rate among the top 10 customers by revenue 90 %, Contract duration for the top 10 customers by revenue 9 Year, Number of companies receiving training other than new-hire training 13 % increase, Inside sales contribution margin 89.3 % |
| Risk amount incorporated into the outlook | Loss of inside sales revenue base -620 / Shortfall against the plan for expansion among existing customers -549 / Details Completion or downsizing of foreign IT projects and weak expansion among existing customers |
| Medium-term management plan targets | The medium-term management plan for 2024–2026 calls for technology enhancement and an M&A strategy. Comparison of actual results with the numerical targets: Not disclosed |
| Financial targets | ROE 16.0% or higher / PER 18x or higher |
| Annual Dividend | ¥85 per share |
| Payout ratio | 50 % |
| New initiatives | Acquired all shares of EraX in June 2026, making it a wholly owned subsidiary, Established a new AI and DX business to operate as an independent AI segment, Changed the sales coverage model for existing customers from one led by service delivery teams to one led by the sales department, Established a new Resource Management Division, Temporarily resumed accepting short-term telemarketing and spot projects, Established a specialist organization for cross-selling to 110 new-hire training customers in the training business, Established a new Business Investment Strategy Office |
Items this document does not state (12)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterUnit price and quantity metricsNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The main factors behind the decline in revenue were the transfer of shares in トータルサポート株式会社 and its exclusion from the consolidated results in October 2025, the termination of contracts with certain foreign IT clients, stalled growth among customers ranked 11th to 20th by revenue, the completion of certain projects in the training business, and lower orders for new-hire training. Operating profit was affected by the underabsorption of fixed costs resulting from lower revenue, higher outsourcing and venue costs due to inflation, and a deterioration in the cost ratio caused by changes in the revenue mix.
How to read this page
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