Smaregi, a cloud point-of-sale software provider serving restaurants and retailers, turned 20.6% revenue growth in the year to April into a 35.2% rise in operating profit, a result it tied to faster growth in monthly recurring fees, more POS-and-payments cross-selling and tighter control of advertising and hiring costs. Revenue reached ¥13.3 billion, operating profit ¥3.2 billion and net profit ¥2.2 billion. The annual dividend rose to ¥24 a share from ¥15, lifting the total dividend payout to ¥462 million from ¥288 million.
| Metric | Year to Apr. 2025 | Year to Apr. 2026 | Year to Apr. 2027 outlook |
|---|---|---|---|
| Revenue | 11,066 | 13,345 | 15,387 |
| Operating profit | 2,380 | 3,216 | 4,004 |
| Net profit | 1,645 | 2,228 | 2,781 |
| Annual dividend per share | 15.00 | 24.00 | 29.00 |
| Cash and equivalents at year-end | 5,912 | 8,138 | Not disclosed |
The useful detail sits in the revenue mix. Monthly fees and related recurring revenue rose 31.7% to ¥10.1 billion, while equipment sales and related revenue fell 7.4% to ¥2.8 billion. Smaregi said cross-selling between POS and payments improved, and the shift from one-off device sales to equipment subscriptions moved faster than it had expected. The company also said advertising spending was used more efficiently, hiring was optimized and productivity improved, helping operating margin widen to 24.1% from 21.5%.
That comparison comes with a footnote worth keeping in view. Smaregi reclassified maintenance-service revenue from equipment sales into monthly fees and restated the previous year, so the direction of travel is clear but the mix line is not a pristine apples-to-apples experiment.
Cash generation also strengthened. Operating cash flow rose to ¥3.1 billion from ¥2.5 billion, while cash and cash equivalents at the end of April increased to ¥8.1 billion from ¥5.9 billion. Net assets climbed to ¥9.6 billion and the equity ratio remained 68.3%.
In the filing, Smaregi said its core customer markets in restaurants, services and retail recovered gradually, helped by inbound demand and firmer consumer spending even as labour shortages and higher input costs persisted. For the year ending April 2027, it is guiding for revenue of ¥15.4 billion, operating profit of ¥4.0 billion and net profit of ¥2.8 billion, with an annual dividend of ¥29 a share. The company also says that outlook is based on current information and reasonable assumptions, so the forecast is a plan, not a promise. Still, the pattern is clear: more of Smaregi's growth is coming from recurring fees, and management wants that predictability to keep showing up in profit and shareholder returns.