Japan – Trust Tech rebrands as Benext Group; revenue up 1.6% but profits slip

Japanese technical staffing firm Trust Tech (2154: JP) rebranded into its new name of Benext on January 2020. The group reported revenue today of JPY 40.88 billion (USD 372.2 million), an increase of 1.6% when compared to the prior year.

JPY millions) H1 2019 H1 2019 Change H1 2019 (USD millions)
Revenue 40,889 40,246 1.6% 372.2
Operating Profit 2,741 3,087 -11.2% 24.9
Net Income 1,648 1,986 -17.0% 15.0

 

In November 2019, the group announced that it had acquired three companies from Axis Human Development Co., Ltd.

Benext previously stated, “The technical dispatch market to which we belong continues to expand, and the demand for IT engineers is particularly high. With the penetration of 5G and Internet of Things, IT engineer demand will increase in all industries and is expected to remain at a high level going forward.”

The acquisition of the three companies, which are now subsidiaries of Benext, is in line with the group’s medium-term management plan.

Looking ahead the company forecasted revenue of JPY 87 billion (USD 792.1 million) for the year ended June 2020.

Benext set a new 52-week low during today’s trading session when it reached JPY 1,052.00 (USD 9.58). Over this period, the share price is down -41.81%. The group last traded at JPY 1,059 (USD 9.64), down 2.58% on the day. Based on its current share price the company has a market value of JPY 46.31 billion (USD 421.6 million).

Source: Staffing Industry Analysis | Visit: Japan – Trust Tech rebrands as Benext Group; revenue up 1.6% but profits slip

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