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Investing.com -- Persol reported first-quarter operating profit of ¥15.4 billion, falling short of analyst expectations of ¥18.2 billion, as the company faced challenges across its technology and overseas divisions.
The profit decline of 9.2% year-over-year was attributed to delays in internal projects, increased hiring that reduced utilization rates, and implementation of new systems in overseas operations. Despite the earnings miss, Persol maintained its first-half and full-year guidance.
First-quarter sales reached ¥373.7 billion, representing a 3.6% increase from the previous year but below the consensus estimate of ¥382.8 billion. Adjusted EBITDA came in at ¥21.8 billion, down 5.1% year-over-year and below analyst expectations of ¥26.1 billion.
The company’s Staffing segment posted revenue of ¥153.0 billion, up 3.7% year-over-year, with adjusted EBITDA rising 5.2% to ¥10.3 billion. This growth was driven by a 2.2% increase in personnel and a 2.1% rise in unit prices.
BPO (Business Process Outsourcing) revenue grew 24.7% to ¥33.989 billion, with adjusted EBITDA increasing 31.9% to ¥1.3 billion. Organic growth without acquisitions was 5.2%, while CSL (OTC:CSLLY) integration contributed ¥400 million to adjusted EBITDA.
The Technology segment, which saw the largest earnings miss, reported revenue of ¥29.3 billion, up 11.7% year-over-year, but adjusted EBITDA fell 25% to ¥867 million.
Career segment revenue increased 6.4% to ¥39.4 billion, with adjusted EBITDA rising 10.4% to ¥10.5 billion. The company is targeting clients earning around ¥6 million and aims to increase productivity while maintaining consultant headcount between 2,800-3,000.
The APAC (Asia-Pacific) segment reported a 4% revenue decline to ¥115.4 billion, with adjusted EBITDA falling 36.9% to ¥2.1 billion. Revenue in local currency terms increased 4.9%, but the segment faced ¥500 million in systems investments and a ¥600 million decrease in subsidies.
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