Recruit Holdings has weathered the impact of Covid-19 in Japan, according to the company’s year-end financials. However, the recruitment company, which operates global job portal Indeed, saw things grow unstable this past month.

Recruit previously delayed announcing its financial results as the virus outbreak disrupted the company’s operations.

In Q4, Recruit saw revenue increase 1.6% year-on-year to Y589.7 billion ($5.5 billion U.S.) and consolidated revenue rise 3.8% to Y2.4 trillion ($22.2 billion U.S.). The company attributed the growth to stable performance of its HR technology segment that covers job marketplace Indeed.com and recruitment and employer-review site Glassdoor.com.

Annual operating income fell 7.7% to Y206 billion mainly due to goodwill and intangible asset impairment losses in the last quarter.

HR Technology

The segment’s quarterly revenue increased 18.1% year-on-year to Y106.3 billion. On a U.S. dollar basis, revenue growth was 19.4%, primarily driven by continued growth in sponsored job advertising.

“Also contributing to revenue growth year-on-year were candidate sourcing and screening solutions and employer branding products,” the company said in a news release. “This performance was supported by a generally favorable economic environment and tight labor market through February prior to the negative impact of the global spread of Covid-19 on these conditions.”

The segment’s annual revenue surged 30% to Y424.9 billion. On a U.S. dollar basis, revenue was up 32.7% year-on-year.

Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for Q4 was Y8.3 billion, a decrease of 20.7% year-on-year. Adjusted EBITDA for FY2019 was Y71.2 billion, up 50.2%.

Recruiting in Japan

Quarterly advertising revenue from the group’s jobs sites in Japan — including Indeed JapanRikunabi Next and TownWork.net — decreased 10.5% to Y70 billion.

Recruit said employers grew cautious on hiring and reduced job advertising spending in response to the challenging business environment created by the spread of Covid-19. The segment’s annual revenue fell 2.2% to Y277.8 billion.

Revenue for housing and real estate segment mostly came from advertising on Recruit’s Japanese property vertical Suumo.jp. Quarterly revenue from the segment rose 9% to Y30.6 billion and annual revenue increased 8.9% to Y113.3 billion.

Like many companies, Recruit Holdings also suspended its financial guidance due to uncertainty related to the virus. Last month, the company saw revenue drop 21% year-on-year. The company did note that it will likely feel the economic impacts of the pandemic in the first two quarters of FY2020.

Recruit Holdings was founded in 1960 and operates 18 recruitment, auto, and real estate sites, as well as dozens of staffing companies worldwide.

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