Gartner Ups Revenue and Reduces Debt

Gene Hall, CEO of US tech consultancy Gartner Group, says the company is 'off to a great start', after reporting a 54% increase in first quarter revenue to $964m, helped by a major acquisition. The firm recorded a $20m quarterly loss as it paid down debt, but adjusted EBITDA rose 14%.

Growth was partly driven by sales from CEB's Talent Assessment and Workforce Survey and Analytics, which Gartner acquired in April 2017, although it sold these businesses again last month raising $400m for the first and $29m for the latter. The company has since used the proceeds from the sales to pay down debt - $305m in the first quarter and a further $405m in April.

Group adjusted EBITDA rose to $161m. By segment, Gartner's Research division saw adjusted revenue up 17% to $770m, while the Consulting business' adjusted revenue increased 5% to $83m, and the Event segment adjusted revenue increased 28% to $46m.

Commenting on the quarter, Hall (pictured) stated: 'We are off to a great start to 2018. In Q1, we delivered double-digit growth in contract value, revenues, and profitability. Retention metrics are up versus the first quarter of 2017. Demand for our services is strong, and clients continue to receive incredible value from our expanded offerings'.

Web site: www.gartner.com .