Revenue doubled on consolidation of グローバルキャスト, but profit growth did not keep pace

Revenue in the FY2026 interim period was ¥3,090.7 million, up 104.8% from ¥1,508.8 million in the same period of the previous year. However, the main driver of the increase was the Sales BPO business of グローバルキャスト, consolidated effective 1 April 2026, which alone contributed revenue of ¥1,902.8 million. As this represented approximately 61.6% of consolidated revenue, it is necessary to distinguish the increase in revenue scale resulting from the acquisition from the underlying strength of the existing businesses, rather than focusing solely on the headline growth rate.

The existing Stock Business recorded revenue of ¥1,059.1 million and operating profit of ¥84.1 million, down from ¥1,326.3 million and ¥159.5 million, respectively, in the same period of the previous year. Its operating margin was approximately 7.9%, down from approximately 12.0%. The System Development business also recorded revenue of ¥148.4 million and an operating loss of ¥8.8 million, swinging from operating profit of ¥20.5 million in the same period of the previous year to a loss. It is necessary to determine whether the expansion of consolidated revenue is masking weakness in the existing businesses.

The Sales BPO business recorded operating profit of ¥21.8 million on revenue of ¥1,902.8 million, for an operating margin of approximately 1.1%. Accordingly, the next results will need to be assessed not only for the business's revenue scale, but also for the trend in margins, including the mix of projects, personnel costs, expenses related to sales partners and integration costs. The interim disclosure does not provide a quarterly standalone trend or detailed margin breakdown for the Sales BPO business, which had no comparable figure for the same period of the previous year.

Next time, it will be necessary to determine whether operating profit in the Sales BPO business is on track to exceed at least the interim-period level of ¥21.8 million, whether the Stock Business can recover to an operating profit of ¥84.1 million, and whether the System Development business can return to profitability from its ¥8.8 million loss. In particular, whether the company discloses a quantified bridge from the combined profit of the three businesses to consolidated profit, including adjustments and company-wide expenses, will help assess the profitability of the M&A.