Gross profit was $5.8m - down from $6.3m - and total revenues fell to £12.1m from $13.4m.

The firm had cash at the end of June of $9.4m compared with $11.1m in 2008.

Chief executive Jarvis Coffin said: "The global economic recession severely impacted the company's performance in the first quarter of 2009 as marketers put a firm hold on advertising.

"Fortunately for the company, Burst Direct's performance advertising business softened the blow somewhat during that period.

"By March, there were visible signs of recovery for the Burst Network, and this accelerated in the following month when the Network achieved a number of sales records."

Story provided by Business Financial Newswire