売上高予想を上方修正したのは、上期における大型イベント業務や建設・設備工事業務の上振れを反映したものである。損益面でも、期初予想では人的投資（約1億円）による大幅な営業減益を見込んでいたが、売上高の上振れに伴い、営業利益も前期とほぼ同水準を確保する想定に見直した。ただ、下期の業績予想については、売上高・利益ともに期初予想を据え置いており、今後の受注動向を慎重に見極めたいとの方針だ。■RSC <4664> Performance Outlook
1. Financial estimates for the fiscal year ending March 2025.
Regarding the consolidated performance forecast for the fiscal year ending March 2025, the company announced an upward revision considering the favorable performance in the first half. Revenue is expected to be 8,914 million yen, an increase of 10.1% compared to the previous fiscal year (revision amount +811 million yen), operating profit is forecasted to be 282 million yen, a decrease of 0.7% (revision amount +130 million yen), ordinary profit is estimated at 287 million yen, a decrease of 4.3% (revision amount +135 million yen), and net income attributable to shareholders of the parent company is anticipated to be 197 million yen, a decrease of 19.5% (revision amount +118 million yen).
The upward revision of revenue forecasts reflects the positive performance in large event operations and Construction and equipment installation projects in the first half. In terms of profit and loss, while the initial forecast predicted a significant decrease in operating profit due to personnel investment (approximately 0.1 billion yen), with the upward revision of revenue, operating profit has been revised to be at a level almost on par with the previous fiscal year. However, for the second half's performance forecast, both revenue and profit remain unchanged from the initial forecast, indicating a cautious approach to assessing future order trends.
2. Our Perspective
To achieve the revised performance forecasts, second-half revenue of 3,832 million yen is needed, with operating profit being minimal. Therefore, if a favorable order environment continues, there is potential for further upward revisions. A key point to watch is how the company will strengthen its structure through personnel investment and the promotion of security DX amidst expected future demand expansion. The growing demand for event operational services, including the Osaka/Kansai Expo scheduled for next year, and the development of office buildings in urban Tokyo will also serve as support for the company. In an industry grappling with severe labor shortages, it will be important to observe how the full-scale operation of the AI security system will generate positive effects on acquiring new orders (especially for the hotel industry) and the movements to strengthen the foundation through M&A.
(Written by Fisco Guest Analyst Ikuo Shibata)
