The second half of the year was “particularly challenging” for the research industry as a whole, said CEO Bob Chua (pictured). Still, Pulse saw sales rise to £1.13m, up from £1.06m the year before.

Gross profit was down almost 50% to £334,000, while higher administration costs and paying off the balance of expenses related to its initial public offering last year left the firm nursing a post-tax loss of £995,000, compared with a loss of £172,000 last year.

Chua said: “We remain confident on the future outlook, and look forward to continuing the growth of our business, despite the prevailing economic conditions.”