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Stock broking and investment management firm Fiske booked a full-year loss as its sales slipped and costs rose.
Pre-tax losses for the year through May amounted to £0.64m, compared to a profit of £0.46m on-year.
Revenue fell to £4.28m, down from £4.38m, following a particularly tough half marred by tough market conditions.
Costs rose 25%, owing to deferred consideration bonuses from the acquisition of Fieldings and more spending on compliance with various regulatory demands.
'The new financial year has begun with business levels in line with the more positive second half of the year just reported,' chairman Clive Harrison said.
'Your board is striving for a very much more positive outturn in the current year.'
At 2:30pm: (LON:FKE) Fiske PLC share price was -2.5p at 61.5p