Pulse Group, the Asia-focussed market research firm, has reported a pre-tax loss of £103,028 for the six months to 30th November, down from £375,806 in 2008. Revenue at the firm was down 51% to £262,322. A brighter note was the increase in gross margins, which increased to 75% from 32% in 2008. Pulse attributed the rise to the commencement of several large multi-year projects in Asia. On the balance sheet net debt at the period end was £0.26 million.
 
The firm also announced that, since the half year end, it has commissioned a number of regional and global projects which had provided over £470,000. The Online Research business was reported as having reached a tipping point in favour of clients in terms of cost savings and efficiency gains.
 
Despite the reported fall in losses Pulse shares have not reacted well. In fact, at a mid-price of 2p they are now down by 80% on their June 2008 IPO placing price of 10p, giving the firm a market capitalisation of £1.83 million. The continued poor performance gives no reason to invest. Sell.