Worth reading
83Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
947
¥ million (operating profit for the first half)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationSecond quarter of the fiscal year ending March 202714 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥3,079 million+36.4%
Operating profit¥947 million+188.3%
Ordinary income¥905 million+173.6%
Net income¥589 million+107.7%
Selling, general and administrative expenses¥1,591 million
Results for the three months of the current quarter
Net Sales
¥1,535 million+34.5%
Operating profit
¥497 million+327.2%
Ordinary income
¥485 million+307.6%
Net income
¥306 million+131.1%
Full-year earnings forecast
Net Sales
¥6,400 million
Operating profit
¥1,400 million
Ordinary income
¥1,300 million
Net income
¥940 million
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 Sales48.1%
Operating profit67.7%
Ordinary income69.7%
Net income62.7%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Profit at each stage is progressing ahead of plan. However, Human Capital business order intake is slightly below plan.Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Questions Reasons for leaving the full-year forecast unchanged and the outlook for the operating margin in the second half / Answer The shortfall against the order intake plan in the first half, uncertainty in M&A advisory services, and the increase in the cost ratio due to higher prices for external databases were taken into account. No significant investment expenses are expected, and the full-year forecast will be left unchanged.
- Questions Why the order unit price in 2Q increased from 1Q / Answer Although we had viewed the high unit prices as temporary, the order unit price in 2Q increased from 1Q, contrary to expectations. We expect it to remain at a level close to that of the first half in the second half.
- Questions Changes in startup hiring demand due to the external environment / Answer Although IPOs have become more difficult and AI has had an impact, we believe demand for hiring growth talent and competition for such talent have intensified.
- Questions Difficulty of M&A advisory services for startups / Answer There are many shareholders and other stakeholders, as well as many items requiring adjustment to equity value. The engagement lost this time was due to pricing, and the process through closing has also become more prolonged.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Increase in revenue¥821 million
- Reversal of the valuation loss recorded in the previous fiscal year¥129 million
- Pure increase in cost of sales¥-93 million
- Increase in personnel expenses¥-168 million
- Decrease in other SG&A expenses¥2 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Revenue decline due to not holding the conference¥1 hundred million
- Expected acceleration revenue at year-end¥2 hundred million
- Increase in the Human Capital business cost-of-sales ratio3 Points year on year
New initiatives
- Selection as the operator for SusHi Tech Tokyo 2027
- Expansion of the job portfolio
- Expansion into startup M&A advisory services and Innovation HR
- Share repurchases for a total amount of up to ¥300 million
- Establishment of a proprietary investment allocation
Key KPIsA metric the company considers important as a management benchmark.
- Orders received¥3,145 millionYear-on-year (%)17.5
- Number of interviews with new jobseekersYear-on-year (%)14.3
- Number of unique users with interviews scheduledYear-on-year (%)6.2
- Number of placements per person (monthly average)0.47 Placements/personYear on year against the same period last yearDown
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Number of hires271 people
- Unit price¥4,640 thousand
Segment results
- Human Capital BusinessNet Sales¥2,792 million (YoY +36.9%)Segment Profit or Loss¥1,413 million (YoY +57.9%)
- Open Innovation BusinessNet Sales¥238 million (YoY +9.2%)Segment Profit or Loss¥32 million (YoY +351.2%)
- Venture capital businessNet Sales¥48 millionSegment Profit or Loss¥39 million
Medium-term management plan targets
- TargetRevenue of more than ¥10 billion
- TargetBusiness growth sufficient to meet the current Prime Market transfer criteriaTarget fiscal yearFiscal year ending March 2031
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
- ¥1 hundred millionDetailsRevenue decline due to not holding the conference
- DetailsUncertainty and delays in closing M&A advisory engagements
Market Size / Share
FY2024 TAM ¥449 billion
Orders received and order backlog
Orders received
¥3,145 million+17.5%
Number of employees
Number of Employees278 people
Hiring planPolicy of limiting hiring below the initial plan
Acquisition of treasury shares
Acquisition price¥300 million (maximum)
Number of shares acquired220,000 shares (maximum)
Period6 November 2026 to 30 December 2026
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending March 2027 |
| Net Sales | ¥3,079 million (YoY +36.4%) |
| Operating profit | ¥947 million (YoY +188.3%) |
| Ordinary income | ¥905 million (YoY +173.6%) |
| Net income | ¥589 million (YoY +107.7%) |
| Selling, general and administrative expenses | ¥1,591 million |
| Results for the three months of the current quarter | Net Sales ¥1,535 million (YoY +34.5%) / Operating profit ¥497 million (YoY +327.2%) / Ordinary income ¥485 million (YoY +307.6%) / Net income ¥306 million (YoY +131.1%) |
| Full-year earnings forecast | Net Sales ¥6,400 million / Operating profit ¥1,400 million / Ordinary income ¥1,300 million / Net income ¥940 million |
| Progress against full-year forecast | Net Sales 48.1% / Operating profit 67.7% / Ordinary income 69.7% / Net income 62.7% |
| Self-assessment against the plan | Profit at each stage is progressing ahead of plan. However, Human Capital business order intake is slightly below plan. |
| Segment results | Segment Human Capital Business / Net Sales ¥2,792 million (YoY +36.9%) / Segment Profit or Loss ¥1,413 million (YoY +57.9%), Segment Open Innovation Business / Net Sales ¥238 million (YoY +9.2%) / Segment Profit or Loss ¥32 million (YoY +351.2%), Segment Venture capital business / Net Sales ¥48 million / Segment Profit or Loss ¥39 million |
| Breakdown of Factors Affecting the Change | Factors Increase in revenue / Amount ¥821 million, Factors Reversal of the valuation loss recorded in the previous fiscal year / Amount ¥129 million, Factors Pure increase in cost of sales / Amount ¥-93 million, Factors Increase in personnel expenses / Amount ¥-168 million, Factors Decrease in other SG&A expenses / Amount ¥2 million |
| Key KPIs | Orders received ¥3,145 million, Number of interviews with new jobseekers 非開示, Number of unique users with interviews scheduled 非開示, Number of placements per person (monthly average) 0.47 Placements/person |
| Unit price and quantity metrics | Number of hires 271 people, Unit price ¥4,640 thousand |
| Number of employees | Number of Employees 278 people / Change during the period Not disclosed / Hiring plan Policy of limiting hiring below the initial plan |
| Assumptions Underlying the Business Outlook | Revenue decline due to not holding the conference ¥1 hundred million, Expected acceleration revenue at year-end ¥2 hundred million, Increase in the Human Capital business cost-of-sales ratio 3 Points (year on year) |
| Risk amount incorporated into the outlook | Details Revenue decline due to not holding the conference / Amount ¥1 hundred million, Details Uncertainty and delays in closing M&A advisory engagements / Amount Not disclosed |
| Medium-term management plan targets | Target Revenue of more than ¥10 billion / Target fiscal year Not disclosed, Target Business growth sufficient to meet the current Prime Market transfer criteria / Target fiscal year Fiscal year ending March 2031 |
| Acquisition of treasury shares | Acquisition price ¥300 million (maximum) / Number of shares acquired 220,000 shares (maximum) / Period 6 November 2026 to 30 December 2026 |
| Orders received and order backlog | Orders received ¥3,145 million (YoY +17.5%) / Order backlog Not disclosed |
| Market Size / Share | Market Size FY2024 TAM ¥449 billion / Share Not disclosed |
| Key points of the Q&A | Questions Reasons for leaving the full-year forecast unchanged and the outlook for the operating margin in the second half / Answer The shortfall against the order intake plan in the first half, uncertainty in M&A advisory services, and the increase in the cost ratio due to higher prices for external databases were taken into account. No significant investment expenses are expected, and the full-year forecast will be left unchanged., Questions Why the order unit price in 2Q increased from 1Q / Answer Although we had viewed the high unit prices as temporary, the order unit price in 2Q increased from 1Q, contrary to expectations. We expect it to remain at a level close to that of the first half in the second half., Questions Changes in startup hiring demand due to the external environment / Answer Although IPOs have become more difficult and AI has had an impact, we believe demand for hiring growth talent and competition for such talent have intensified., Questions Difficulty of M&A advisory services for startups / Answer There are many shareholders and other stakeholders, as well as many items requiring adjustment to equity value. The engagement lost this time was due to pricing, and the process through closing has also become more prolonged. |
| New initiatives | Selection as the operator for SusHi Tech Tokyo 2027, Expansion of the job portfolio, Expansion into startup M&A advisory services and Innovation HR, Share repurchases for a total amount of up to ¥300 million, Establishment of a proprietary investment allocation |
Items this document does not state (7)
Gross Profit MarginOperating profit marginNumber of stores and locationsFinancial targetsAnnual DividendPayout ratioCapital expenditures
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.Revenue and profit growth in the Human Capital business, earnings contributions from the Venture Capital business, the absence of the valuation loss on securities for operating investment recorded in the previous fiscal year, and control of SG&A expenses through measures such as reducing advertising and promotional expenses contributed to higher profit. Meanwhile, the full-year forecast was left unchanged in light of the shortfall against the order intake plan in the first half, one lost M&A advisory engagement, a prolonged closing process, and a higher cost ratio in the second half due to price increases for external databases.
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