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My name is Keiichi Sagawa, CFO of Recruit Holdings. Thank you for joining us.
I'll explain the financial results for the second quarter of FY '18. I'll begin with the highlights for the first half of FY '18. Revenue increased 7.5%, EBITDA grew 11.5%, and adjusted EPS increased 21.4%, showing a solid performance. Also revenue and EBITDA grew in all 3 segments: HR Technology, Media & Solutions and Staffing. Strong revenue growth continued in HR Technology, the highest growth rate segment. In the second quarter, we reassessed the identification of a customer based on the IFRS 15 definition, which requires that revenue is reported net of agency commissions. Accordingly, we revised revenue of the HR Technology segment for first quarter of FY '18 retrospectively. Assuming the IFRS 15 definition is applied in the previous fiscal year, revenue of the HR Technology segment would have increased 59.2% year-on-year on a U.S. dollar basis for the first half. Profits and losses from Glassdoor's operations were included in the HR Technology segment's results in the second quarter of FY '18, in addition to Indeed.
Next, here are the consolidated financial results for the first half of FY '18. Revenue increased 7.5% year-on-year to JPY 1.1433 trillion. EBITDA grew 11.5% to JPY 155.2 billion and EBITDA margin was 13.6%. Operating income increased 16.8% year-on-year to JPY 126.5 billion. This was mainly due to an increase in EBITDA, and a gain resulting from the sale of subsidiaries. Adjusted EPS, excluding nonrecurring income and losses, grew 21.4% year-on-year.
I will now explain the 3 months consolidated financial results for the second quarter of FY '18. Revenue increased 7.3% year-on-year to JPY 577.8 billion, EBITDA grew 13.6% to JPY 76.5 billion and EBITDA margin was 13.2%, adjusted EPS grew 27.4%.
I will now move on to the financial results by segment. As shown in the highlights, all 3 segments delivered an increase in revenue and EBITDA in the first half of FY '18. Please refer to the appendix for the impact of the change in treatment in intra-group transactions on segment EBITDA resulting from the group reorganization, which I previously explained in the first quarter.
Here, I will explain the details of each segment. I'll begin with HR Technology. Quarterly revenue was up 56.4% year-on-year, and up 55.1% on a U.S. dollar basis. As mentioned previously, profits and losses from Glassdoor's operations were included in the consolidated results. And as I explained earlier, based on IFRS 15, revenue is reported net of agency commissions. Assuming IFRS 15 was applied to the previous fiscal year, quarterly revenue of the HR Technology segment would have increased 60.6% year-on-year on a U.S. dollar basis. So it's not 55.1%, but 60.6% growth on an apple-to-apple basis, showing high level of growth. To support future revenue growth of Indeed among others substantial investments fluctuating throughout the year continues in sales and marketing to drive user and customer acquisition, and in products and engineering, to build enhanced functionality for job seekers and employers. Quarterly EBITDA margin was 17.4% as a result. The reassessment of the identification of customer had an impact on revenue, but no impact on EBITDA.
Moving on to Media & Solutions. Revenue increased 5.5% year-on-year, EBITDA grew 12.9% and EBITDA margin was 25.0%. First, I would like to walk through some of the highlights of the Marketing Solutions. Revenue in the Beauty business, the fastest-growing subsegment, increased 13.3% year-on-year, due to an increase in the number of online beauty salon reservations, made through the platform, as well as an increase in the number of beauty salon clients in nonurban, and in the outskirts of metropolitan areas. Double-digit growth continued. In the Dining business, restaurant operators continued to face challenging environment mainly due to the workforce shortage in Japan. Our business focused on strengthening relationships with clients, by offering operational solutions such as Air Series. In addition, advertising revenue increased gradually on the back of a recovery in the dining industry. As a result, revenue in the Dining business increased 4.7% year on year. Despite the negative effect of natural disasters that hit Japan, revenue in the travel business increased 4.4% year-on-year, driven by an increase in both the number of hotel guests and the price per night of hotels booked through our online reservation platform.
In Housing and Real Estate, revenue in the independent housing and leasing divisions grew as a result of sales initiatives offering solutions to clients and efforts to attract more users to the platform. Meanwhile, overall subsegment revenue increased by 0.3% year-on-year, resulting from the sale of a subsidiary during the third quarter of FY '17. Excluding this onetime impact, revenue was up 7.6% year-on-year, which is a slight improvement from just above 6% in the first quarter, excluding onetime impact. The bridal subsegment focused on responding proactively to the needs of major wedding venue operators to attract marrying couples, despite a continued decline in the number of marriages in Japan, mainly resulting from the declining population. As a result, quarterly revenue decreased 0.7% year-on-year, which is basically flat.
Quarterly revenue in Marketing Solutions increased 4.1% as a result, and quarterly EBITDA increased 17.9% year-on-year with an EBITDA margin of 29.5%. In HR Solutions, the recruiting in Japan subsegment, particularly the professional recruiting businesses saw strong performance supported by the continued favorable business environment in the Japanese labor market. As a result, quarterly revenue increased 8.2% year-on-year, quarterly EBITDA increased 4.0% and EBITDA margin was 24.4%. Quarterly revenue in recruiting in Japan was affected by 2 onetime factors. The first factor had negative impact on revenue due to the transfer of the recruiting assessment business from recruiting in Japan to the others subsegment beginning from the first quarter FY '18. The second factor positively impacted revenue due to the transfer of the placement business for the medical industry to recruiting in Japan for eliminations and adjustments. Revenue in recruiting in Japan increased 6.7% year-on-year, but excluding those onetime factors, revenue increased 7.3%, sustaining a solid high single-digit growth. The other subsegment in HR Solutions was impacted positively by transfer of the recruiting assessment businesses through this subsegment.
Thirdly, the staff segment. Staffing revenue in the second quarter was up 0.4% year-on-year, quarterly EBITDA decreased 0.1%, EBITDA margin was 6.2%. Excluding the impact of the change in the treatment of intra-group transactions, quarterly EBITDA decreased 3%. The Japanese staffing market continued to expand with a strong demand for agency workers, while the number of active agency workers remained elevated. The Japanese operations invested in advertisements to attract new potential agency workers. As a result, quarterly revenue in the Japanese operations increased 7.0% year-on-year, quarterly EBITDA increased 4.5% and the EBITDA margin was 7.2%. Excluding the impact of the change in the treatment of intra-group transactions, quarterly EBITDA decreased 2% in Japan. Revenue and EBITDA for the first half in FY '18 increased 7.4% and 12%, respectively. Business profitability remains the same. But quarterly EBITDA growth has -- was lower compared to the first quarter mainly due to the timing of investment in advertisements.
In the overseas operations, quarterly revenue decreased 3.7% year-on-year, EBITDA decreased 3.9%, and the EBITDA margin was 5.5%. Quarterly revenue in overseas Staffing was affected by foreign exchange rate worth minus JPY 3.2 billion and application of IFRS 15 on revenue, which is minus JPY 4 billion. Excluding these impacts, quarterly revenue was flat. Quarterly EBITDA in overseas operations decreased mainly due to an increased expense to simplify the operational governance model in Europe, mostly. We continuously focused on profitability based on the Unit Management System. EBITDA margin was 5.5%, remaining flat year-on-year. For the first half of FY '18, EBITDA increased 4.7% and EBITDA margin was 5.5%.
Finally, here is the consolidated financial forecast for FY '18, which remains unchanged, from the announcement in the beginning of the term. Just for your reference, the book value of Glassdoor's assets and liabilities, such as the deferred revenue and the deferred expenses on the date of acquisition was adjusted to fair value with the help of a third party. As a result, we revised the forecast for the financial impact from Glassdoor for the 9 months period on the consolidated revenue and EBITDA for FY '18 to approximately JPY 15.3 billion and minus JPY 5.4 billion, respectively from the original forecast of JPY 18.2 billion and minus JPY 3.5 billion. The decrement is the amount considered already realized and it was moved from deferred revenue to net assets. Since it's already realized, there is no impact on cash flow or corporate value calculations. Forecasted revenue is now considered posted, and therefore, included in net assets on the balance sheet. We wanted to make sure to report this change to the original revenue forecast. Although the impact to the consolidated results will be minimal, we wanted to report to you since it will be a change from the original forecast. Also, Board of Directors has resolved today on the payment of interim dividend of JPY 13.5 per share. This concludes my presentation.
Thank you very much.