Q2 revenue was down 3% year-on-year to $61.6m, while net income declined 28% to $6.2m. First-half sales, meanwhile, fell only marginally from $118.4m to $118m – though net income for the period was down 35% to $8.8m.

Colony said: “Our performance for the quarter met our expectations, with revenue on target and operating margin and earnings per share slightly exceeding our guidance.

“We continue to carefully navigate this difficult economy through prudent expense management, innovating for our clients, and accelerating the role-based strategy so we are well-positioned when the economy begins to recover.”

The IT market research firm cut 5% of its workforce – equal to fifty positions – earlier this year.

Looking ahead to the third quarter, Forrester said it is expecting revenues of between $50m and $53m.