Tenet Group has reported pre-tax losses of £300,000 for the 12 months to September 30, 2011.
The figure is down on the £1.2m pre-tax loss recorded over the previous 12 months to September 30, 2010.
The group’s sales rose 9 per cent to £86.4m, compared to £79.1m in 2010 while operating profit increased to £1.27m from £100,000 in 2010. The firm currently has £26.7m cash reserves.
Interim chief executive Marin Greenwood says: “Tenet has made notable progress in a year of continued adverse economic conditions and the specific challenges brought about by the approaching implementation of RDR.”
The network is currently concluding its search for a new chief executive following Simon Hudson’s departure in August.