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Meitec Group Announces Full Year Results

Meitec Group Announces Full Year Results

Japan’s Meitec Group has announced its full year results for the 12 months ended 31st march 2012.  The company which specialises in technical engineers recorded net sales of Yen 66,955M (&pound534M) and made an operating income of Yen 5,450M (&pound43M).  Net income of Yen 2,827 (&pound22.5M) was down on the previous year but ahead of forecast.

The company issued this overview of market conditions in fiscal 2011.

First—the status of the manufacturing industry.

Three conditions affected the main customers of Meitec Group in the manufacturing industry.

The Great East Japan Earthquake had the most profound consequences, as it occurred in

March a year ago, just before fiscal 2011 started. The disruption to supply chains that arose

immediately after the earthquake, as well as power shortages, had an incredibly huge impact

on the domestic production activities of our main customers—leading manufacturers in

Japan—especially in the first half of the fiscal year.

However, despite the impact on production, most of Japan’s leading manufacturers continued

their effort to sustain the investment into technological development.

Through the 2nd quarter, our customers curtailed production activities, in some cases adjusting

the work schedule or limiting overtime. This caused a drop in the working hours of our engineers.

And second—the status of our core business.

As highlighted in red, a noteworthy development was that the working hours gradually started

to increase from the 3rd quarter.

The working hours through the 2nd quarter was much shorter than expected, which prompted

management to revise performance forecasts downward in November. But as the recovery

tone brightened from the 3rd quarter, management adjusted the revised targets upward in

February, and in the end, consolidated results exceeded initial forecast.


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