Consolidated Business Results
for the First Half of the Fiscal YearEnding December 2024 (Jan.–Jun. 2024)
August 9, 2024

FULLCAST HOLDINGS CO., LTD. (4848)

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document
and the Japanese original, the original shall prevail. Our Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages
arising from the translation.

Copyright © 2024 by FULLCAST HOLDINGS CO., LTD. All rights reserved

Agenda1 1H FY12/24 Consolidated Business Highlights (Jan.–Jun. 2024)
2 1H FY12/24 Segment Highlights (Jan.–Jun. 2024)
3 FY12/24 Progress of Strategy Implementation and Ongoing Initiatives
4 1H FY12/24 Progress Relative to Business Forecast
5 FY12/24 Interim Dividends

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2

1H FY12/24
Consolidated BusinessHighlights(Jan.–Jun. 2024)

Copyright © 2024 by FULLCAST HOLDINGS CO., LTD. All rights reserved3Consolidated: 1H FY12/24 Comparison vs. Business Forecast
Results progressed within our range of the assumptions made at the start of the period, primarily in our mainstay “Short-Term
Operational Business,” due to acquisition of the expanding client demand following the revitalization of economic and social activities
in the post-COVID-19 era. As a result, consolidated business results were in line with our consolidated business forecasts for the firsthalf of the fiscal year ending December 31, 2024.
In the first half of the current fiscal year, profit attributable to owners of parent exceeded the forecast, due to the booking of a 1,295
million yen gain on sale of shares of subsidiaries as extraordinary income following the transfer of the consolidated subsidiary BOD
Co., Ltd.
Starting from the first half of the current fiscal year, BOD Co., Ltd. has been excluded from the scope of consolidation due to thetransfer of its shares on March 29, 2024.
(Million yen)

Results for 1H
FY12/24

Business forecasts for
1H FY12/24

Difference

Achievement rate

Net sales

33,65734,756(1,099)96.8%

Gross profit

12,16912,292

(123)

99.0%

Operating profit

4,264

4,200

64

101.5%

Ordinary profit

4,321

4,202

119

102.8%

Profit attributable to owners ofparent

3,525

2,906

619

121.3%

Copyright © 2024 by FULLCAST HOLDINGS CO., LTD. All rights reserved4Consolidated:
1H FY12/24 Year-on-Year Comparison
Net sales increased by 1.6% year-on-year, due
to the inclusion of profit and loss from the“Restaurant Business.”
Operating profit declined by 7.2% year-on-year(operating profit ratio declined by 1.2PT) due tothe drop in COVID-19-related special demandand My-Number-related special demand in thefirst half of the current fiscal year, as expected,
and the exclusion of BOD Co., Ltd. from thescope of consolidation from the first half of thecurrent fiscal year, despite the acquisition of
the expanding customer demand related to therevitalization of economic and social activities
as the impact from COVID-19 subsided leading
to growth of the mainstay “Placement” service
in the “Short-Term Operational Support
Business.”

Net sales

Operating profit＋1.6％(7.2)％(Million yen)

Net sales

33,657

33,122

Operatingprofit ratio

12.7％
Operatingprofit ratio

13.9％

4,596

Organic gross profit, which excludes theimpact of the “Restaurant Business,” COVID19-related special demand, My-Numberrelated special demand and BOD Co., Ltd.,exceeded that of the same period of theprevious year.
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1H FY12/23

Operatingprofit4,264
1H FY12/24

5

Consolidated:
1H FY12/24 Year-on-Year Comparison(Million yen)
1H FY12/23

1H FY12/24

Difference

Rate ofchangeNet sales

33,12233,657535

1.6%Gross profit

10,933

12,169

1,237

11.3%

SG&A expenses

6,337

7,906

1,569

24.8%

Operating profit

4,596

4,264

(332)

(7.2)%

Operating Profit
Ratio

13.9%

12.7%

―

(1.2)PT

Ordinary profit

4,566

4,321

(245)

(5.4)%

Profit attributable toowners of parent

3,201

3,525

324

10.1%

Ordinary profit declined by 5.4% year-on-year,
due to the same factors as operating profit.
Profit attributable to owners of parent
increased by 10.1% year-on-year, due to thebooking of a 1,295 million yen gain on sale ofshares of subsidiaries as extraordinary
income following the transfer of theconsolidated subsidiary BOD Co., Ltd. in thefirst half of the current fiscal year.

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6

1H FY12/24
Segment Highlights(Jan.–Jun. 2024)

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Short-Term:
1H FY12/24 Year-on-Year Comparison
Net sales decreased by 7.3% year-on-year
due to the drop in COVID-19-related special
demand and My-Number-related special
demand in the first half of the current fiscal
year, as expected, and the exclusion of
BOD Co., Ltd. from the scope of
consolidation from the first half of thecurrent fiscal year, despite the acquisition of
the expanding customer demand related to
the revitalization of economic and social
activities as the impact from COVID-19
subsided leading to growth of the mainstay“Placement” service in the “Short-Term
Operational Support Business.”
Operating profit declined by 9.3% year-onyear (operating profit margin decreased by
0.4PT) mainly due to the decrease in net
sales.
Organic gross profit, which excludes theimpact of the COVID-19-related special
demand, My-Number-related special
demand and BOD Co., Ltd., continued to
exceed that of the same period of theprevious year.
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Net sales

Operating profit(7.3)％(9.3)％(Million yen)

Net sales

29,42827,276
Operatingprofit ratio

16.4％
Operatingprofit ratio

16.8％

4,938

1H FY12/23

Operatingprofit4,479
1H FY12/24

8

Short-Term:
1H FY12/24 Year-on-Year Comparison(By Service Category)［Placement and BPO］
During the first half of the current fiscal year, grossprofit in the mainstay “Placement” services
increased due to the capture of customer demand
related to re-openings.
With the exclusion of BOD Co., Ltd. from thescope of consolidation from the first half of thecurrent fiscal year, net sales and gross profit of the“BPO” services decreased.
Excluding BOD Co., Ltd., the gross profit of the“BPO” services increased.
［Dispatching］
In “Dispatching,” net sales and gross profit
decreased by 5.6% and 1.8% year-on-year,
respectively, mainly due to a fall in COVID-19related special demand, in addition to a fall in MyNumber-related special demand in the first half ofthe current fiscal year.
［Outsourcing］
Net sales and gross profit decreased in“Outsourcing,” mainly due to a fall in COVID-19related special demand and My-Number-related
special demand in the first half of the current fiscal
year. Excluding these effects, gross profit in“Outsourcing” remains roughly at a similar level as
the same period the previous year.
Copyright © 2024 by FULLCAST HOLDINGS CO., LTD. All rights reserved(Million yen)
1H FY12/23

1H FY12/24

Difference

Rate ofchange29,42827,276(2,151)(7.3)%

Placement

3,190

3,970

780

24.4%

BPO

4,612

3,692

(920)

(20.0)%

Dispatching

17,06916,105(964)(5.6)%

Outsourcing

4,557

3,510

(1,047)(23.0)%

9,752

9,669

(84)

(0.9)%

Placement

3,124

3,875

751

24.0%

BPO

3,157

2,931

(226)

(7.2)%

Dispatching

1,877

1,842

(34)

(1.8)%

Outsourcing

1,595

1,021

(574)

(36.0)%Net sales

Net sales

9Sales Support:
1H FY12/24 Year-on-Year Comparison

In sales of Internet access, which is amainstay business, net sales increased by
7.7% year-on-year due to the good
performance of sales of telecommunications
products using a network of agentsthroughout the first half of the current fiscal
year.

Operating profit increased by 44.7% yearon-year (operating profit margin improvedby 1.8PT) due to the growth in net sales.

Net sales

Operating profit＋7.7％+44.7％(Million yen)

Net sales

1,769

1,643

Operatingprofit ratio

6.9％
Operatingprofit ratio

5.1％

84
1H FY12/23

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Operatingprofit121
1H FY12/24

10Restaurant:

1H FY12/24 Year-on-Year Comparison

Net sales increased by 277.2% year-onyear due to the inclusion of results for thefull financial period this time, compared to
two months in the previous period, in
addition to the continued recovery trend indemand in the domestic business.

Net sales

Operating profit＋277.2％+998.7％(Million yen)

Operating profit increased by 998.7% yearon-year due to the increase in net sales andthe effect of cuts in SG&A expenses.
※ The new segment “Restaurant Business” wascreated in the first half of the fiscal year ended
December 31, 2023.
※ The first half of the fiscal year ended December
31, 2023, the comparative period, contained twomonths of profits and losses of the "Restaurant
Business."

Net sales

3,453
Operatingprofit ratio

7.6％

916

Operatingprofit ratio

2.6％

24
1H FY12/23

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Operatingprofit264
1H FY12/24

11

Security, Other:
1H FY12/24 Year-on-Year Comparison

Net sales increased by 2.0% year-on-year,
mainly due to the acquisition of permanent
security projects, despite a decrease in thenumber of temporary security projects
concerning COVID-19-related operations.
Despite the increase in net sales, operating
profit decreased by 8.5% year-on-year(operating profit margin decreased by 1.0
PT), mainly due to the acquisition of
temporary security projects concerning
COVID-19-related operations with arelatively high gross margin in the previous
fiscal year.

Net sales

Operating profit＋2.0％(8.5)％(Million yen)

Net sales

1,159

1,136

8.3％
Operatingprofit ratio

9.3％

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Operatingprofit ratio

Operatingprofit106

97

1H FY12/23

1H FY12/24

12

FY12/24
Progress ofStrategy Implementation
and Ongoing Initiatives

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FY12/24 Business Targets and Strategy•

Targets for fiscal year 2024
 We will further strengthen the business foundation to better respond to the demand related to the restart ofvarious activities following the COVID-19 pandemic and to the labor shortage under the declining labor
force.
 We will address the business environment where competition is expected to intensify in the spot work
market, where the entry of players from other industries is regarded as certain.

•

Measures during fiscal year 2024
 Implementation of strategic investments
We will quickly and further develop the business foundation and quickly capture demand throughconcentrated capital investment limited to the current fiscal year.
 Strengthen sales
 Increase in sales staff and use of web advertising Media promotion, including digital media development, to strengthen the brand and increase
recognition
 Strengthen hiring
 Strengthen placement on job ads, social media, etc.
 Reinforce systems and strengthen operations
 Move registration procedures, contracts, and various ledgers for clients online and promoteclient introduction
 Improve web-based staffing order system and matching system
 Improve and update the UI of the “Cast Portal,” the dedicated website for registered staff, andits app version, revise rules of use, revise payroll flow
 Total amount 2,000 million yen
 Promote PMI at new consolidated subsidiaries (GLOBEAT JAPAN INC., Imple, Inc.) Promote partnerships between Group subsidiaries
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FY12/24 Business Targets and Strategy•

Measures during fiscal year 2024
 Implementation of strategic investments
Initiatives in the first half of the fiscal year 2024
 Strengthen hiring
 Strengthen placements of digital advertisements including SNS and search advertisements
 Strengthen sales
 Increase sales staff and use web advertising
Initiatives in the second half of the fiscal year 2024
 Media promotion, including digital media development, to strengthen our brand and increase recognition
 Implement promotion activities through the broadcast of television commercials from July 2024
 Reinforce systems and strengthen operations
 Move registration procedures, contracts, and various ledgers for clients online and promote client
introduction
 Improve web-based staffing order system and matching system
 Improve and update the UI of the “Cast Portal,” the dedicated website for registered staff, and its
app version, revise rules of use and payroll flow
 Total amount 2,000 million yen⇒ Verify the effectiveness of the primary initiative for media promotion aimed at strengthening the brandand increasing awareness, and decide whether to continue the promotion, to strengthen sales and to
reinforce systems and operations.
 Promote PMI at new consolidated subsidiaries (GLOBEAT JAPAN INC., Imple, Inc.)GLOBEAT JAPAN INC.
 Continue to extend business hours, renovate some stores, revise menus, and strengthen the outside
sales business
Imple, Inc.
 Promote the use of a job vacancy search app by directing Group-registered staff who aspire to become
full-time employees to the app
 Promote partnerships between Group subsidiaries
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Ongoing Initiatives
Initiative 1: New sales offices openings

Fullcast Co., Ltd.

New office openings in 1H (opened Feb. 1)

New office openings in 2H (opening Sept. 1)

Sagamihara, Kanagawa Pref.; Sanjo, Niigata Pref.

Otaru, Hokkaido Pref.; Ito, Shizuoka Pref.;Takaoka, Toyama Pref.; Kurashiki, Okayama Pref.;Omuta, Fukuoka Pref.; Zama, Kanagawa Pref

Initiative 2: Trend in the number of hires and recruitment expenses
Hiring activities were carried out following the
Number of hires recovery trend in client company demand;
therefore, the number of hires totaled 348,122
persons (up 13.0% year-on-year).

As a result of recruiting activities aligned withthe recovery of customer demand, recruitment
Recruitment expenses increased by 1.1% year-on-year, andexpenses the recruitment expense ratio (as a percentage
of gross profit) increased by 0.59 PT.
Recruitment expenses

Number of hires+13.0％+1.1％(Persons)(Million yen)

Recruitment expenses
Ratio of recruitment expense to gross profit

400,000

300

10.00%
8.00%

300,000
200

210

200,000

308,086

6.00%

208

348,122

4.00%
100

4.28%

100,000

2.00%

3.69%
0

0
1H FY12/23

1H FY12/24

0.00%
1H FY12/23

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1H FY12/24

16

Ongoing Initiatives
Initiative 3: Trend in the number of operating workers
Number ofoperatingworkers

The number of operating workers was 164,459(a decrease of 6.6% year-on-year), mainly due
to the decrease of operating workers in
COVID-19-related special demand and MyNumber-related special demand, amid adecrease of these operations.
Number of operating workers

Initiative 4: Trend in the number of customers
Total number of customers increased by 3.8% year-on-year
thanks to the continued recovery of customer demand and the
Number of acquisition of projects from existing customers, despite thecustomers decrease of 8.3% year-on-year in the number of new customers
during the same period due to a decrease in the acquisition of
new projects from COVID-19-related special demand and MyNumber-related special demand.

(Persons)(6.6)％Total

New customers+3.8％(8.3)％

Total

300,000

New customers

30,000200,000
20,000100,000

29,13528,078176,011

10,000164,459

0
1H FY12/23

0

1H FY12/24

3,950

3,623

1H FY12/23

1H FY12/24

Initiative 5: Gross profit per 1 yen of personnel costs

Gross profit per 1
yen of personnel
costs (yen)1H FY12/23

1H FY12/24

Rate of change

2.9

2.8

(3.1)%“Gross profit per 1 yen of personnel costs” decreased by 3.1%
year-on-year to 2.8 yen, mainly due to the downward pressure on
gross profit caused by falls in COVID-19-related special demandand My-Number-related special demand.

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1H FY12/24
Progress Relative toBusiness Forecast

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18

Consolidated: 1H FY12/24 Progress Relative to Business Forecast
The progress rate of consolidated operating and ordinary profits exceeded 50% of our full-year forecasts, as these forecasts initially incorporated
the fact that expenses for strategic investments would be concentrated in the second half of the year. In addition, the progress rate of our profit
attributable to owners of parent against the full-year forecast was 69.9%, due to the booking of a gain on sale of shares of subsidiaries as
extraordinary income in the first half of the current fiscal year following the transfer of the consolidated subsidiary BOD Co., Ltd.
Since our consolidated business results for the full year, made up of our results for the first half of the fiscal year added to our forecast for thesecond half, have not progressed at a level that requires revising the business forecasts, our Company has not revised our business forecasts forthe full year ending December 31, 2024.
(Million yen)

Results for 1H FY12/24

Full-year business forecasts
for FY12/24

Rate of progress

Net sales

33,65770,50047.7%

Gross profit

12,16925,03048.6%

Operating profit

4,264

7,200

59.2%

Ordinary profit

4,321

7,233

59.7%

Profit attributable to owners of parent

3,525

5,045

69.9%

Short-Term Operational
Support BusinessNet sales

27,27658,565

46.6%

Placement

3,970

8,695

45.7%

BPO

3,692

6,976

52.9%

Dispatching

16,10535,49345.4%

Outsourcing

3,510

7,402

47.4%

Sales Support BusinessNet sales

1,769

3,121

56.7%

Restaurant BusinessNet sales

3,453

6,428

53.7%

Security, Other Businesses

Net sales

1,159

2,387

48.6%

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19

FY12/24 Interim Dividends

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FY12/24 Dividends from surplus (interim dividends)
At the Board of Directors' Meeting held on August 9, 2024, we passed a resolution to pay a dividend (interim
dividend) from retained earnings of 31 yen per share as forecast.
We plan to firmly maintain our target of a total return ratio of 50% and return profits to shareholders, in order torealize ROE of 20% or higher. To return profits in a flexible manner, at the current point in time, we will selectboth the dividend and the purchase of treasury shares as options, based on a year-end dividend forecast of 31
yen per share, exactly as stated in the most recent dividend forecast.
Details of dividends
Authorized amount

Latest dividend forecast(Announced on Feb. 9, 2024)

Results for the previous term
(Interim dividend for FY12/23)

Record dateJune 30, 2024

June 30, 2024

June 30, 2023

Dividend paid pershare

31 yen31 yen29 yenTotal amount ofdividend

1,092 million yen－

1,033 million yen

Effective date

September 2, 2024－

September 4, 2023

Resource for dividend

Retained earnings－

Retained earnings

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(Reference) Basic Stance on Capital Policy■ Basic Stance on Capital Policy
The Fullcast Group maintains a basic policy of maximizing capital efficiency and securing
financial soundness to achieve sustained improvement in corporate value.

•••

Maintaining a total return ratio of 50% relative to shareholders as an indicator to support
sustained improvement in corporate value and to maximize capital efficiency.
Our goal of enhancing corporate value is to maintain an ROE of 20% or greater.
We will maintain a maximum D/E ratio of 1.0x in order to enhance corporate value and tomaintain financial soundness.

Copyright © 2024 by FULLCAST HOLDINGS CO., LTD. All rights reserved22

(Reference) Sustainability Policy
We endorse all 17 goals of SDGs.
In addition, we consider contributing to the following the goals of SDGs by implementing and promoting our corporate
philosophy of “Providing the best place for people to bring out their best” as a core value of our Company.

8. Descent Work and Economic Growth
The Group will constantly offer employment opportunities to job seekers and a workforce to hiring companies by continually providing
matching opportunities for short-term positions to job seekers and hiring companies.
Thereby, we will contribute to providing descent work for job seekers and economic growth for hiring companies.

5. Gender Equality
We will contribute to gender equality by providing job seekers with employment opportunities not tied to age, gender or attribution.

10. Reduced Inequalities
We will contribute to reducing inequalities by providing job seekers with employment opportunities not tied to region or nationality.

9. Industry, Innovation and Infrastructure
In response to Japan’s labor environment, which is experiencing a declining workforce, we will contribute to industrial growth and building
infrastructures for technological innovation by providing matching services for short-term positions to companies seeking growth orinnovation, thus expanding their workforce in the process.

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23

(Reference) Group Companies List
Fullcast Holdings Co., Ltd.

Optimizes Group-wide resources andstrategies, as well as directing the business
operations of group companies

Fullcast Business Support
Co., Ltd.

Consolidates and conducts various intraGroup operations on behalf of our Group

Fullcast Co., Ltd.

Provides short-term human resource
services in various business sectors

Top Spot Co., Ltd.

Community-based brand, provides shortterm human resource services focused on
specific Regions

Fullcast Advance Co., Ltd.

Provides business process outsourcing,including construction, repairs, and event
planning and management, humanresource services for reception andinformation services, and security services,
including permanent security, crowd control,
and traffic security

Work & Smile Co., Ltd.

Minimaid Service
Co., Ltd.

Provides housekeeping services

Hayfield inc.

Human resource placement specializing in the realestate industry

App X, Inc.
Imple, Inc.
Releasebase Inc.

Job search application services, softwaredevelopment

F-PLAIN
Corporation.

M’s Line Co., Ltd.

Operates the sales agency service business for IT
and telecommunications products utilizing callcenters and a distributor agency network

Provides “prompt” and “reliable” services
centered on the Tokyo metropolitan area tomeet the human resource needs that arise
in various industries and business sectors

FSP Co., Ltd.

Provides human resource services for
active seniors focused on the Tokyo

GLOBEAT JAPANINC.

Restaurant chains businesses

Beat Co., Ltd.

Provides comprehensive humanresource outsourcing services, mainly businessprocess outsourcing

Fullcast Senior Works Co., Ltd. metropolitan area (Tokyo City and threeprefectures)

Fullcast Porter Co., Ltd.

Provides human resource services with an
exclusive focus on drivers

Otetsudai Networks Inc.

Operates “Otetsudai Networks,” short-term
human resource services that utilize
location information

Deli Art Co., Ltd.

Provides human resource outsourcing services

Fullcast Global Co., Ltd.

Provides human resources services
focused on foreign nationals

Advancer Global
LimitedProvides human resource services for foreign
national workers, focused on Southeast Asia

Fullcast International Co., Ltd.

Provides human resource placement
services for placement of foreign nationals
with specified skill visas who are ready towork immediately

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24

Disclaimer•

Fullcast Holdings’ IR materials have been prepared for the purpose of providing information about our Company, and are not a solicitation for investment.
Readers are advised to use these materials at their own discretion and are solely responsible for all decisions based on such use. Although every effort has
been taken to ensure the accuracy of the information provided herein, Fullcast Holdings Co., Ltd. makes no guarantees with regard to the contents. Fullcast
Holdings Co., Ltd. assumes no responsibility for any damages resulting from the use of this information, either directly, indirectly or to any extent, which
originates from any cause including but not limited to the accuracy, reliability and safety concerning the text, data or other information herein. Fullcast Holdings’
IR materials are copyrighted and use without Fullcast Holdings’ express written consent is strictly prohibited.

Notes
About this Document•

In this document, the “Short-Term Operational Support Business” is referred to as “Short-Term”, the “Sales Support Business” is referred to as “Sales,” the “Restaurant Business”
as “Restaurant,” and the “Security, Other Businesses” as “Security, Other” in some parts.

•

In this document, names of services are written in an abbreviated form; “Part-Time Worker Placement” service, Hayfield inc.’s staffing service specializing in the real estate industry
and job search application service by App X Group are referred to as “Placement”; and “Part-Time Worker Payroll Management”, “My Number Management”, “Year-End Tax
Adjustment Management”, and the back office BPO services by BOD Group are referred to as “BPO” in the “Short-Term Operational Support Business”, which were launchedalong with the implementation of the Revised Worker Dispatching Act on October 1, 2012. However, as all shares of BOD Co., Ltd. were transferred on March 29, 2024, the BOD
Group has been excluded from the scope of consolidation from the first half of the fiscal year ending December 31, 2024. In addition, “Long-Term Dispatching” services with acontract period of 31 days or longer, which has been conducted after the implementation of the Revised Worker Dispatching Act, is referred to as “Dispatching.”•

The number of hires, number of operating workers, recruitment expenses, and recruitment expense ratio in this report are counted only in relation to the hiring of job seekers in the“Short-Term Operational Support Business.” Plus, recruitment expenses, are limited to and counted with expenses related to the hiring of job seekers.

•“Gross profit per 1 yen of personnel costs” appears rounded off to the first decimal place.

Short-Term Operational Support Business•“BPO” services represent the aggregated total of “Part-Time Worker Payroll Management”, “My Number Management”, “Year-End Tax Adjustment Management”, and the backoffice BPO services by BOD Group. However, as all shares of BOD Co., Ltd. were transferred on March 29, 2024, the BOD Group has been excluded from the scope of
consolidation from the first half of the fiscal year ending December 31, 2024.

•

The figures for each service category of the “Short-Term Operational Support Business” segment represent reference figures and have not been audited by our accounting auditor.

Sales Support Business•

The “Sales Support Business” segment is mainly comprised of the “call center”, “online”, “alliance”, and “entertainment” businesses.

•

The “call center”, “online” and “alliance” businesses each involve the sale of Internet access.

Restaurant Business•

The new segment “Restaurant Business” was created in the first half of the fiscal year ended December 31, 2023.

25

Providing the best place forpeople to bring out their best.

[Inquiries]IR: +81-3-4530-4830
URL : https://www.fullcastholdings.co.jp/en/
Email : IR@fullcast.co.jp

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26