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Signs of a business recovery are emerging: domestic GDP between Jan-Mar 2010 grew by 4.9% compared to the previous quarter and, in the same quarter nominal personal income grew comparatively by 1.6% etc.
However, in the HR industry, there was no great overall improvement in data, demand declined and transition in labor demand was sluggish: demand for new hires by firms declined along with industry downsizing and cost cutting. In such challenging business circumstances, core profitability was enhanced by raising client hiring satisfaction levels and adjustments to our company structure were aiming to strengthen the core profitability of the business. Also, in May 2009, Drake Beam Morin-Japan, Inc. was acquired in line with the "active pursuit of specialized sectors" component of our mid-term business strategy and, expansion of the outplacement business is planned due to continued strength in inquiries and to complement our core business as well as bolstering the profit base of the firm. In addition, we commenced R&D outsourcing by acquiring and converting into a subsidiary JAPAN TECSEED CO., LTD. in Dec 2009 whereby we will jointly utilize know-how and their client base and, strive to add additional value to the firm. As a result of these activities, results for the full FY March 2010 were: sales JPY 224,600 million, operating profit 6,300 million, ordinary profit 6,700 million, and net profit for the period 2,900 million.
In future, we plan to strengthen the firm's outsourcing business to effectively address the changing environment facing the firm, secure new growth drivers, improve efficiency, grow the business, add value to the firm and enhance client satisfaction. In addition, shares were acquired in Kelly Services Inc. (second largest HR provider in the US) with the aim of growing our global market place. Competitiveness will be enhanced by this strategic alliance and, we plan to develop structures to address the global market by focusing on the challenging Asian market.
By steadily implementing this growth strategy, we aim to become a finely tuned and Asia's No.1 representative external HR provider.
37 years previously, we put the novel working style of "temps" to Japan at large. We have continued to create opportunities and support both sides: individuals looking for flexibility and, firms wishing to make use of this strength. Due to a range of changes in the environment including increasing sophistication and complexity of labor supply, a wide range of choices are made between not just labor supply but business processes as well. On the other hand, work choices of job-seekers have multiplied and to support the wishes of both sides, employment creation has become a major issue. The Temp Group's business aims to support the demands of society by contributing to society through the creation of employment and, supporting the growth of individuals. In a 2008 International Confederation of Private Employment Agencies (Ciett) preface note to a temp labor directive used in the EU it mentioned "ccontribution to the labor market by means of bringing together employment creation with participants in the labor market". As such, this confirms the useful role temps play in achieving the better operation of labor markets.
While addressing changes to labor market and firms, The Temp Group aims to bring jobs and individuals together and contribute to employment creation by applying the Group vision of: creating employment, individual growth, social contribution.
