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Research Leads Gartner Growth
Technology consultancy Gartner has reported results for the fiscal quarter ended March 31, with revenue up 12% at constant currencies versus Q1 2006, to $264.2m. Revenue from the Research division was $159m, up 14% on the same basis, while Consulting revenue was flat at $76m.
Research contract value ended the quarter at $668m, an increase of 19% from $561m over the same quarter last year. The group's third major division, Events, also grew very rapidly with revenue up to $27m for Q1 2007 versus $15m a year earlier. Q1 profit was up 5% from $7.8m to $8.2m, normalized EBITDA was $30.7m and GAAP earnings per share $0.08. The firm repurchased 1,056,300 shares in Q1, valued at c.$23m.
CEO Gene Hall comments: 'Our results for the first quarter reflect a continued acceleration of our performance as a result of our investment in new products, continued growth of our sales organization and improvements in our client service.'
Gartner raised its guidance for 2007 to target full year total revenue of approximately $1,160m to $1,187m, with Research revenue in the range c.$647m - $657m and Consulting c.$317m - $327m. Target normalized EBITDA for the full year is now $193-$203m, up 24 to 30% over 2006.
Founded in 1979, Gartner is headquartered in Stamford, Connecticut, U.S.A., and has 3,700 associates, including 1,200 research analysts and consultants in 75 countries worldwide. Its home page is at www.gartner.com .
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