Research Division Drives Strong Forrester Growth

Tech researcher and consultancy Forrester Research has announced results for the first quarter ended March 31st, with revenue up 10% to $125.0 million.

GAAP net income was $4.1 million, almost unchanged from last year ($4.0m), while on an adjusted basis it was $8.6m, also unchanged.

Revenue for the Consulting division was static at $38.4m ($38.55m in Q1 2021); and in the Events division it recovered from a very low base ($760k vs $263k in Q1 2021). The largest division, Research, rose strongly - up 14.4% to $85.8m - following two years in which Consulting has outperformed it.

For the full year 2022 Forrester is forecasting revenues of $550 to $560 million and operating margin of c.6.5% to 7.5%.

Chairman and CEO George Colony (pictured) says of the results: 'We started 2022 off on a strong note and are encouraged by the momentum of our Forrester Decisions platform. Despite economic and macro headwinds, we delivered our third consecutive quarter of double-digit contract value growth, growing at 15% in the first quarter, and we also delivered our second consecutive quarter of double-digit growth in research revenue... While the external challenges facing us and the broader economy remain, we are confident in our ability to deliver on our outlook for the balance of the year'.

Web site: www.forrester.com .