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Staffing revenues down 1.5% YoY in Q3 2018 for Recruit Group

Recruit Group has released its results for the nine months ended 31st December 2018.

Revenue was ¥1,730.4 billion, up 7% and EBITDA increased by 11.3% to ¥240.1 billion. Operating income rose to ¥192.1 billion, an increase of 15.3%. Adjusted profit was up 23.1% to ¥151.0 billion while profit attributable to owners of the parent was ¥146.0 billion, up 13.6%.

For the three months ended 31st December 2018, the staffing segment saw quarterly revenue decreased by 1.5% to ¥331.1 billion. Revenue for Japan operations increased by 7.8% to ¥140.8 billion as demand for agency workers continued to be strong. Revenue for overseas operations decreased by 7.4% to ¥190. 3 billion mainly due to an uncertain outlook for the European economy, the negative impact of foreign exchange rate movements and the adoption of IFRS 15. Excluding the impact of foreign exchange rate movements and the adoption of IFRS 15, quarterly revenue for Overseas decreased by 2.5%.

Quarterly EBITDA increased by 13.4% to ¥25.1 billion.

Japan operations recorded an increase in placement revenue, which has higher profitability than staffing revenue, as a result of revisions to Japanese laws.

Overseas operations continued to focus on profitability improvement and simplifying the operational governance model in Europe.

In the HR technology segment, quarterly revenue increased by 48.4% to ¥85.1 billion year on year and by 53.7% in US dollar terms, assuming application of an accounting policy change to the previous year's quarter on a pro forma basis; the increase was mainly due to increased sponsored job advertising revenue from new and existing clients at Indeed and the inclusion of Glassdoor, which was acquired during Q1.

Quarterly EBITDA increased by 84.9% to ¥13.1 billion.

Indeed attracts approximately 250 million monthly unique visitors and job seeker traffic continued to grow double digits year on year during the quarter.

Glassdoor attracts approximately 64 million monthly unique visitors and traffic grew double digits year on year during the quarter.

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