• Positioned to rebuild – FY9/25 results saw MRI record YoY revenue
growth for the first time in two years, profit growth for the first time
in three years, and a record-high GPM of 23.7% driven by high
consultant utilization. Earnings visibility is improving, driven by
strong order growth (+19.4 % YoY at TTC) and a rising backlog.
However, we believe FY9/26 guidance indicates management’s
priority is to rebuild the business, with key initiatives to expand the
concentration domains in TTC (electric power and energy, medical
and long-term care, business analytics and AI) and the growth area
in ITS (public and electric power, HR and education, financial, DA
and AI). However, challenges remain, particularly in increasing
capacity through new hires.
