Tenet Group has announced a pre-tax loss of £1.6m for the year to September 30, 2010.
This is 60 per cent down on the £1m loss the company posted for the previous year.
The company says the further losses have been driven by market challenges and development costs of Sinfonia Asset Management, the group’s investment management platform.
Tenet says it has also been hit by the continuing low interest rate environment.
Overall sales increased 3 per cent from £76.3m to £79.1m, while cash reserves went from £28.4m to £27.8m, a fall of 2 per cent.
Chief executive Simon Hudson says: “The investments in our ongoing transformation restructure, the development of a technology platform and the provision of substantial support for our subsidiary businesses – Sinfonia Asset Management and professional indemnity insurer, Paragon – were comfortably absorbed by our net asset base, but naturally impacted on the group’s performance.
“2010 was undoubtedly a challenging year as the impact of the 2009 recession manifested itself in a number of different ways across the sectors in which our group companies are active. In this context, we believe our figures reflect a creditable performance.”