Full-year revenue was $1.14bn. Research revenue was down 4% to $752.5m and consulting revenue tumbled 17% to $286.8m from $347.4m.

Hall, however, remained bullish. He said: “During 2009, we maintained research revenue and contract value nearly unchained from 2008 levels, excluding the impact of foreign exchange. At the same time, our effective cost management enabled us to deliver strong margins and cash flow. The positive momentum in our businesses positions us well to generate double-digit revenue and contract growth in 2010.”

Research contract value at 31 December was $784.4m, up 6% from the end of the third quarter. However, year-over-year contract value was down 1%. Client and wallet retention rates were 78% and 87% respectively, up from 77% and 85% at the end of Q3 2009.

Hall said: “Our key business metrics continued to improve during the fourth quarter, reflecting both the success of our initiatives to improve sales effectiveness and a better spending environment. We added a record number of new client enterprises, generated record new business and sequentially increased both client and wallet retention for the first time since the recession began.”

Total group revenue for Q4 was down 5% to $328.8m. The figures include a 2% increase in research revenue to $195.1m and a 14% drop in consulting revenue to $81.5m.