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ISG Starts to Re-grow Revenues
In the US, Information Services Group, which owns outsourcing consultancy TPI, has announced second quarter revenues of $33.4m, up 6% on weak 2009 figures, thanks to double-digit growth in the Americas and Asia Pacific; and adjusted EBITDA of $4.2m.
 The EBITDA figure is down marginally from $4.4m in the prior year period, but down $0.7m allowing for currency effects. Adjusted EPS was $0.06, while operating income of $1.0m was down from $1.4m in Q2 2009. This and the EBITDA decline are ascribed to 'increased client-related industry events which were not held last year due to the recession and the greater use of contract labor'.
Results for the Americas (up 10%) and Asia Pac (up 38%) were offset by declines in revenue in Europe (down 8%).
Based in Stamford, CT, Information Services Group, Inc. (ISG) was founded in 2006 as an acquisition vehicle by Connors and other former VNU execs, and the following November bought TPI, the largest sourcing advisory firm in the world. Earlier this year ISG said it was once again looking for acquisitions as its revenues began to stabilise. In March it had reported on a tough year in 2009 with revenues down 24% despite an improved fourth quarter: the above 2010 comparatives therefore have a rosier look, with revenues still well down on 2008 levels.
ISG Chairman and CEO Michael P. Connors says the second quarter revenue growth is the highest since the recession began, and highlighted three major contracts during the quarter, including advising on a $2 billion deal between GM and HP. Connors also announced the launch of a new initiative, 'The TPI Cloud Computing Solutions Unit', led by industry veteran Kevin Smilie, which will provide clients with objective guidance on 'best practices for the identification, acquisition, transition and management of private and public Cloud solutions'.
Overall in the first half of 2010, reported revenue was $68.2m, up 4% year-on-year or 1% after adjustments. First half 2010 adjusted EBITDA totalled $9.0m, down $0.5m versus H1 2009. Reported fully diluted EPS of $0.02 was flat compared to 2009, as was adjusted EPS at $0.13.
Web sites are at www.informationsg.com and www.tpi.net .
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