Simplex Holdings, Inc., First Half Net Income Revised Downward to an Unexpected 3%Decrease

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Wed Oct 30, 2024 3:00 pm JST Earnings

4373 Simplex Holdings, Inc. 【IFRS】

Earnings Report

Simplex Holdings, Inc. <4373> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 30th (15:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 2.59 billion yen, a 2.6% decrease compared to the same period last year, resulting in a decrease in profits compared to the previous forecast of a 21.9% increase.

The progress rate against the 7.28 billion yen full-year plan was 35.6%, also falling below the four-year average of 47.3%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand by 32.7% from the same period last year, reaching 4.68 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income amounted to 1.52 billion yen, a 0.1% decrease compared to the same period last year. The operating profit margin decreased from 22.6% in the same period last year to 21.0%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	16,867	3,350	3,272	2,207	39.6	44.8	Oct 27, 2022	IFRS
Apr - Sep, 2023	19,543	4,000	3,947	2,664	46.4	45.1	Oct 26, 2023	IFRS
Apr - Sep, 2024	21,876	3,915	3,879	2,594	44.5	36.8	Oct 30, 2024	IFRS
YoY	+11.9%	-2.1%	-1.7%	-2.6%	-4.1%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	22,000	4,725	4,707	3,247	55.7	0	Apr 25, 2024	IFRS
Apr - Sep, 2024 Results	21,876	3,915	3,879	2,594	44.5	0	Oct 30, 2024	IFRS
Revision Rate	-0.6%	-17.1%	-17.6%	-20.1%	-20.0%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	46,000	10,600	10,554	7,280	124.5	50	Apr 25, 2024	IFRS
Mar, 2025 New	46,800	10,600	10,554	7,280	124.5	50	Oct 30, 2024	IFRS
Revision Rate	+1.7%	0.0%	0.0%	0.0%	0.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	21,165	4,850	4,797	3,530	61.3	42	Apr 25, 2024	IFRS
Oct - Mar, 2024 Guidance	24,924	6,685	6,675	4,686	80.2	50	Oct 30, 2024	IFRS
YoY	+17.8%	+37.8%	+39.1%	+32.7%	+30.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	34,946	7,451	7,298	5,432	96.9	25	Apr 27, 2023	IFRS
Mar, 2024	40,708	8,850	8,744	6,194	107.5	42	Apr 25, 2024	IFRS
Mar, 2025 Guidance	46,800	10,600	10,554	7,280	124.5	50	Oct 30, 2024	IFRS
YoY	+15.0%	+19.8%	+20.7%	+17.5%	+15.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	10,139	2,292	2,254	1,523	26.5	22.6	Oct 26, 2023	IFRS
Oct - Dec, 2023	10,408	2,387	2,360	1,581	27.5	22.9	Jan 30, 2024	IFRS
Jan - Mar, 2024	10,757	2,463	2,437	1,949	33.8	22.9	Apr 25, 2024	IFRS
Apr - Jun, 2024	10,954	1,626	1,615	1,073	18.4	14.8	Jul 25, 2024	IFRS
Jul - Sep, 2024	10,922	2,289	2,264	1,521	26.1	21.0	Oct 30, 2024	IFRS
YoY	+7.7%	-0.1%	+0.4%	-0.1%	-1.6%