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Investment company St Peter Port Capital posted a negative annual performance after it wrote down the value of its assets.
The company's net asset value per share for the year through March fell 17% to 17.21p.
'Although most of our portfolio companies have reported positive news during the period under review, the fact remains that none of them have yet reached an inflection point that would allow us to unlock value at any sensible valuation,' chairman Lynn Bruce said.
'We have for some time been exploring ways of maintaining the portfolio substantially in tact whilst reducing what will become, absent a sale of one or more of our investments, an economically unviable company.'