Revenue Dip for Forrester

Tech research and consulting firm Forrester has announced financial results for the second quarter ended June 30th, showing total revenue down 8.5% to $135.6m, and for the first half down 8.8% to $249.3m.

The largest division, Research, held up relatively well, down just 2% to $87.7m in the quarter, while Consulting took a bigger hit, tumbling 23.7% to $30.0m. Rounding out the company, revenue from Events fell 8% to $17.9m. Net income, on an adjusted basis, was little affected, coming in at $18.1m, compared with $19.2m a year earlier.

Chairman and CEO George Colony (pictured) focused on the impact of 'the tech recession and uncertain macroeconomic environment' on business, but also on migration to the firm's Forrester Decisions platform: 51% of contract value is now on the platform but Forrester 'remains on track' to make that two thirds by the end of the year'. He added: 'Our ongoing enhancements to Forrester Decisions, combined with continued upskilling of our sales force to drive new business growth and sell higher into organizations, positions us well for long-term success'.

For the full year, the company anticipates total revenues of c.$475 - $485 million, and operating margin of c. 1.2% to 2.2%.

Web site: www.forrester.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.