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Latest financial results

Overview of business results for the current quarter

In the second year of our medium-term management plan "RISE TO GROWTH 2026," our group is promoting various measures based on the 7 Flags of Priority Strategy and ESG strategy. In the first quarter of this consolidated cumulative period, we have been working to further expand sales and profits by proposing new ways of working and office spaces that implement these ways of working, and by conducting sales activities with a focus on increasing value, in order to increase our sustainable growth potential.

(Unit: million yen)

2024
First Quarter
Consolidated cumulative period		 2025
First Quarter
Consolidated cumulative period		 Increase/decrease amount Rate of change
Sales 40,918 42,744 1,825 4.5％
Gross profit 16,372 18,750 2,377 14.5％
Selling, general and administrative expenses 10,333 11,328 994 9.6％
Operating income 6,039 7,422 1,382 22.9％
Non-operating income 78 133 54 70.1％
Non-operating expenses 102 236 134 132.2％
Ordinary profit 6,015 7,318 1,302 21.7％
Extraordinary income 0 15 14 1,873.6％
Extraordinary losses  10 76 66 648.7％
Quarterly net income before taxes and other adjustments 6,006 7,257 1,251 20.8％
Total corporate income taxes, etc.  1,901 2,346 445 23.4％
Quarterly net income 4,104 4,910 805 19.6％
Quarterly net income attributable to owners of parent company 4,101 4,916 815 19.9％

Sales

Sales increased by 1,825 million yen (4.5%) compared to the same period of the previous year to 42,744 million yen.

  • Workplace Business performed well, centered on renewal projects and office relocations to accommodate new hybrid work styles.
  • In Equipment & Public Works-Related Business, revenue decreased due to delays in the start and completion of construction caused by rising material costs, mainly for logistics facilities.

Gross profit

Compared to the same period of the previous fiscal year, profit increased by 2,377 million yen (14.5%) to 18,750 million yen.

  • Workplace Business achieved an increase in profits due to improved profit margins resulting from increased revenue and improved value provided.
  • In Equipment & Public Works-Related Business, although there was an improvement in the profit margin of equipment for research facilities, profits decreased due to the impact of decreased sales of equipment for logistics facilities, etc.

Selling, general and administrative expenses

In addition to an increase in personnel expenses due to business expansion, strategic expenditures for future leaps forward, such as strengthening IT infrastructure to promote digital transformation, were carried out as planned, resulting in an increase of 994 million yen (9.6%) to 11,328 million yen compared to the same period of the previous year.

Operating income

As a result of the above, operating income increased by 1,382 million yen (22.9%) compared to the same period of the previous year to 7,422 million yen, exceeding expectations.

  • Workplace Business achieved an increase in profits due to increased revenue and improved profit margins resulting from increased value provided.
  • Equipment & Public Works-Related Business saw a decrease in profits due to delays in the start and completion of construction of facilities for logistics facilities.

Non-operating income

Due to an increase in foreign exchange gains, etc., net sales increased by 54 million yen (70.1%) compared to the same period of the previous year to 133 million yen.

Non-operating expenses

Due to an increase in interest and commission payments accompanying an increase in borrowings, net cash flow increased by 134 million yen (132.2%) year on year to 236 million yen.

Ordinary profit

As a result of the above, ordinary income increased by 1,302 million yen (21.7%) compared to the same period of the previous year to 7,318 million yen.

Extraordinary income

Due to an increase in gains on sales of investment securities, etc., net cash provided by operating activities increased by 14 million yen (1,873.6%) year on year to 15 million yen.

Extraordinary losses 

Due to an increase in losses on disposal of fixed assets, etc., net income increased by 66 million yen (648.7%) year on year to 76 million yen.

Quarterly net income attributable to owners of parent company

As a result of the above, quarterly net income attributable to owners of parent increased by 815 million yen (19.9%) compared to the same period of the previous fiscal year to 4,916 million yen.

The performance by segment is as follows:

(Unit: million yen)

Segment name Q1 2024
Consolidated cumulative period		 Q1 2025
Consolidated cumulative period		 Increase/decrease amount Rate of change
Workplace Business Sales 31,778 34,603 2,824 8.9％
Operating income 5,256 7,015 1,759 33.5％
Equipment & Public Works-Related Business
​		 Sales 8,778 7,763 △1,015 △11.6％
Operating income 748 373 △374 △50.0％
Reportable segment total Sales 40,557 42,366 1,809 4.5％
Operating income 6,004 7,389 1,385 23.1％
Others Sales 361 377 16 4.7％
Operating income 35 33 △2 △6.2％
Total Sales 40,918 42,744 1,825 4.5％
Operating income 6,039 7,422 1,382 22.9％

Overview of financial position for this quarter

(Unit: million yen)

2024
End of December		 2025
End of March		 Increase/decrease amount Rate of change
Assets section 120,521 132,329 11,808 9.8％
debt section 71,178 80,693 9,514 13.4％
Of Net Assets 49,342 51,636 2,294 4.6％

Assets section

Total assets increased 11,808 million yen compared to the end of the previous consolidated fiscal year to 132,329 million yen due to increases in notes receivable, accounts receivable, contract assets, and electronically recorded monetary claims.

debt section

Total liabilities increased by 9,514 million yen compared to the end of the previous consolidated fiscal year to 80,693 million yen due to an increase in short-term borrowings and other factors.

Of Net Assets

Net assets increased by 2,294 million yen compared to the end of the previous consolidated fiscal year to 51,636 million yen due to an increase in retained earnings resulting from increased profits, etc. The equity ratio decreased by 1.9 percentage points from the end of the previous consolidated fiscal year to 39.0%.

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