TenetLime has reported a pre-tax loss of £568,505 for the year ending September 30, 2010, following a £408,308 loss the year before.
The network says the loss is down to decreased profit margins and increased operating expenses, which increased from £2m in 2009 to £2.4m in 2010.
TenetLime increased its revenue by 25.8 per cent from £8.3m in 2009 to £10.4m in 2010.
Its current assets total £3.9m, up from £2.8m in 2009. The network’s total equity also improved, increasing from £545,887 to £857,196 between 2009 and 2010.
The network currently has 59 staff, eight of which are directors.
The directors’ report states the board is satisfied with the results and believes they reflect current market conditions.
TenetLime announced at the Tenet conference that it is holding talks about offering a single-tie protection proposition, which it says is in response to member feedback.