For the first time since it went public six years ago, global staffing giant Recruit Holdings has delayed announcing its financial results, the firm’s spokesperson told the AIM Group.
Historically, Recruit Holdings announces its financial results within 45 days of the end of each quarter. But, the Covid-19 crisis has put plans to release its full-year financials on hold.
“The outbreak of Covid-19 has disrupted the company’s ordinary operations to finalize its financial consolidation process,” Recruit said in a news release. “Recruit Holdings suspended annual financial results till May 27 as it’s increasingly promoting its staff to work from home.”
Though the pandemic dented the business performance, the firm didn’t revise guidance for the financial year to March 31, 2020
The group said the Covid-19 has had limited effects on its consolidated financial results. However, its HR matching businesses were negatively affected. The businesses cover job marketplace Indeed.com and recruitment and employer-review site Glassdoor.com.
“Employers have turned cautious on hiring while assessing the current economic situation and adapting to social distancing and other restrictions in many countries around the world,” the company wrote.
In February, Recruit said it expected revenue from its HR technology’s segment to grow approximately 35% in FY2019 (on a U.S. dollar basis). Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the segment was forecasted to inch up year-over-year, “due to continued investment in sales and marketing activities to acquire new users and clients and in product enhancements to increase user and client engagement.”