Tech research and advisory firm ISG (Information Services Group) has reported a 5.2% fall (-3% in constant currency) in second quarter revenue to $67.3m from $71.0m in the prior year period. Despite the decline, during Q2, the firm more than doubled its adjusted EBITDA to $8.1m from Q1 2019.
Founded in 2006 by former VNU / Nielsen exec Michael Connors (pictured), the Stamford, CT-headquartered firm employs more than 1,300 people in more than twenty countries. On a reported basis, for the second quarter ended June 30, 2019 revenues in the Americas fell 1% to $40.2m; were down 5% to £22.8m in Europe; and down 31% to $4.3m in Asia Pacific. Currency negatively impacted reported revenues by $1.5m versus the prior year.
Second-quarter operating income was $3.3m, compared with operating income of $4.2m in the prior year; net income was $0.4m, compared with net income of $2.4m in the second quarter of last year; and adjusted net income was $3.2m, compared with adjusted net income of $5.7m in the prior year's second quarter. In addition, adjusted EBITDA fell $1.8m from the prior year period.
Commenting on the results, Connors said: 'ISG continues to build forward momentum, with second-quarter revenues up 4% sequentially and EBITDA more than double that of the 2019 first quarter. Our focused investments in the high-growth area of digital services, including automation, are paying off. Our revenue mix continues to grow in value, based, in part, on rising demand for our digital services, which represent approximately 45% of our total revenues, as well as the high market valuations for automation services we are seeing of late.'
Web site: www.isg-one.com .
All articles 2006-19 written and edited by Mel Crowther and/or Nick Thomas.