Financial information website ADVFN said the economic turmoil of the last year had 'on balance done us no harm' as it posted smaller losses and increased revenues.

In the year to June 30, pre-tax losses narrowed to £710,000 from £1.5m as revenues were broadly flat, climbing to £7m from £6.9m.

ADVFN said it has been focused on costs, curtailing hiring of new staff. It remained cautious on future prospects.

'While it appears that torrid times in the stock market may not have a detrimental effect on subscriptions, overall economic strength does affect our advertising revenue,' the firm said.

'While currently subscription income is making up for advertising weakness, it is possible that this may not be the case under certain instances and that however well the company has overcome recent difficult times, in volatile global economic times it is not inconceivable that ADVFN could be adversely affected.'

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