TMN shares fell from 12.5p last night to 8p by mid-morning. A year ago the shares were worth around 46p.
The company, which made a post-tax profit of nearly £1m in the same period last year, spans the email marketing, affiliate marketing, publishing, lead generation and online research markets.
Its acquisition going into 2008 of Affiliate Future and Dutch direct and digital marketing agency Tapps helped revenues climb to £15.5m from £9m over the year.
On a proforma basis, including the new additions' revenues from before they were acquired, revenues were down from £17.7m.
Email marketing revenues on the same basis fell 28% to £5.6m, with the company reporting a "marked reduction" in September and October.
It also saw finance advertising revenues drop from £4.5m in the period in 2007 to 30% of that figure.
But other channels, including research, continued to grow organically and TMN said it is well-positioned to take advantage of the shifts to and within online advertising.
It has reduced its cost base by £1m on an annualised basis and secured £2m of borrowing headroom above its current debt position.