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Gartner's Research Revenue Rises 16%
US-based technology consultancy Gartner has reported a 16% revenue climb in its research division to $197.8m, while revenue in its consulting arm has increased 8.9% to $80.4m.
Group revenue rose 11% to $297.7m from $268.3m, driven by growth in the two research and consulting business segments.
For the quarter, the group earned $18.8m, compared with $12.5m in the prior year quarter.
At September 30, research contract value was a record $812.2m, up 15% year-over-year. Client and wallet retention rates for third quarter were 81% and 100%, respectively.
CEO Gene Hall commented: 'The solid growth in our revenue during the third quarter demonstrates the tremendous value that our services provide to clients, even in challenging economic environments. We continue to gain new clients and to grow our business with existing clients, as we further penetrate our untapped market opportunities.'
Gartner is forecasting 2008 revenue of $1.26bn to $1.28bn, compared with its July forecast of $1.29bn to $1.31bn.
The firm's shares rose 43 cents, or 2.6%, to $16.81 in morning trading.
Yesterday, rival Forrester Research reported that on a GAAP-reported basis, third quarter net income dropped 7% to $6.4m or $0.27 per share.
Web site: www.gartner.com .
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