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May 23, 2023 at 03:10 am EDT
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Results for the Fiscal Year Ended March 31, 2023
May 11, 2023
MEITEC CORPORATION
President and CEO, COO
MEITEC Group CEO
Hideyo Kokubun
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INDEX
Results for the Fiscal Year Ended March 31, 2023
New Mid-term Management Plan [2023-2025]
Forecast for the Fiscal Year Ending March 31, 2024
Reference Materials
(Note) This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translation and the Japanese original, the original shall prevail.
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Now, I would like to present the results for the fiscal year ended March 31, 2023, the Group's new three-yearMid-term Management Plan, and our forecasts for the fiscal year ending March 31, 2024.
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1. Results for the Fiscal Year
Ended March 31, 2023
First, I would like to present the results for the fiscal year ended March 31, 2023.
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Results for the Fiscal Year Ended March 31, 2023 (Group Consolidated)
Net sales rose 11.1% year on year while operating profit rose 28.4%
Profit rose 32.6% year on year due to decreased tax burden on Meitec and Meitec Fielders
(Fractions of one million yen
FY ended
FY ended March.
YoY
%
Past Forecast
Progress toward the
March. 31, 2022
31, 2023
Amount
Change
FY forecast
are rounded down)
Net sales
107,140
119,069
+11,928
+11.1%
119,500
(431)
Cost of sales
78,917
86,360
+7,442
+9.4%
86,700
(340)
Cost of sales to Net sales
73.7%
72.5%
(1.1%)
SG&A Expenses
15,405
16,245
+840
+5.5%
17,000
(755)
Operating profit
12,817
16,462
+3,645
+28.4%
15,800
+662
Operating profit margins
12.0%
13.8%
+1.9%
13.2%
+0.6%
Ordinary profit
12,948
16,540
+3,592
+27.7%
15,900
+640
Extraordinary income & loss
(5)
(3)
+2
Profit before income taxes
12,942
16,537
+3,594
+27.8%
Profit attributable to owners of parent
9,240
12,252
+3,011
+32.6%
10,900
+1,352
Profit margins
8.6%
10.3%
+1.7%
Return on Equity (ROE)
20.6%
26.6%
+6.0%
Ordinary profit to total assets ratio
16.5%
19.9%
+3.4%
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This shows the Group's consolidated results.
In the fiscal year ended March 31, 2023, the economy continued its moderate recovery with the gradual easing of restrictions on movement caused by COVID-19 as well as the progress made in the normalization of social and economic activities. That said, the economic outlook remained uncertain due to a tense international situation, higher resource prices, and other factors.
Meanwhile, major manufacturing firms that are our main clients have continued to invest in technological development, which also led to a favorable environment for our orders.
As a result, net sales rose 11.1% year on year to ¥119,069 million and operating profit rose 28.4% year on year to ¥16,462 million.
Profit attributable to owners of parent increased by 32.6% year on year to ¥12,252 million mainly due to the decrease in the tax burden for both Meitec and Meitec Fielders from the application of tax credits for promotion of salary increases.
Net sales fell slightly short of our forecast due to lower working hours than in our forecast.
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Results for the Fiscal Year Ended March 31, 2023 (Business Domains)
Both sales and profit increased in the Engineering Solutions Business and the Recruiting & Placement Business for Engineers year on year.
(Fractions of one million yen are rounded down)
Sales of Engineering Solutions Business
Component ratio
Operating profit
Sales of Recruiting & Placement Business for Engineers
Component ratio
Operating profit
FY ended March.
FY ended March.
YoY
%
31, 2022
31, 2023
Amount
Change
105,715
117,456
+11,740
+11.1%
98.7%
98.6%
(0.0%)
12,343
15,915
+3,572
+28.9%
1,530
1,681
+151
+9.9%
1.4%
1.4%
(0.0%)
474
547
+72
+15.3%
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This shows the results for the Meitec Group by business domains.
Both sales and profit increased year on year in the Engineering Solutions Business as well as the Recruiting & Placement Business for Engineers.
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Meitec Corporation published this content on 23 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2023 07:09:07 UTC.
Meitec Group Holdings Inc, formerly Meitec Corp, is a Japan-based company mainly engaged in the engineering solutions business and engineer introduction business. The Company operates in two business segments. The Engineering Solutions business segment is engaged in the provision of engineering solution services with a focus on engineer dispatch services. This segment includes high-end engineer dispatching business, middle-range engineer dispatching business, senior engineer dispatching business, registered staffing business whose main customers are the manufacturing industry, and general outsourcing business. The Engineer Introduction business segment is engaged in the employment placement business for engineers.