Can the first quarter's front-loaded profit performance be replicated in the first half?

FY2027-Q1 revenue was ¥655.686 million, up 3.5% year on year, operating profit was ¥309.449 million, up 1.0%, and net profit attributable to owners of the parent was ¥208.231 million, up 15.0%. With the FY2027 full-year plan calling for revenue of ¥1,620 million and operating profit of ¥302 million, simple progress calculations are 40.5% for revenue and 102.5% for operating profit. Exceeding the full-year operating profit plan in the first quarter alone is a strong result, but it does not necessarily mean that the full-year plan can be mechanically revised upward.

The company has consistently explained that revenue and operating profit tend to be concentrated in the first quarter because success-based recruitment placement fees are recorded in April, when new graduates join companies in large numbers. Accordingly, the ¥309 million in first-quarter operating profit may include a seasonal effect, and it will be necessary to isolate and review standalone second-quarter revenue and operating profit in FY2027-H1. Whether the company can remain profitable in the second quarter and whether first-half cumulative revenue exceeds ¥810 million, equivalent to 50% of the full-year plan, will provide a benchmark for distinguishing a seasonal effect from underlying business growth.

FY2026 results were revenue of ¥1,589 million and operating profit of ¥280 million, while the FY2027 plan calls for revenue growth of 1.9% and operating profit growth of 8.1% year on year. Since the plan assumes a higher rate of profit growth than revenue growth, the first half will require review not only of revenue growth but also of the operating margin, SG&A expenses and profitability by service. No revision to the full-year forecast was made as of the first quarter, so whether the plan is maintained or revised in light of seasonality will be an important disclosure point at the next earnings release.