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Payments company PCI-PAL booked a full-year loss, as costs associated with its US expansion more than offset a rise in revenue.
Pre-tax losses for the year through June amounted to £4.5m, compared to losses of £3.8m on-year.
Revenue rose 40% to £2.8m.
PCI-PAL said it had made a successful start to the new financial year, with new business sales levels tracking to management expectations.
Commenting on results and prospects, , Chief Executive Officer said:
'As the only partner-first, globally available cloud provider in our space, we continue to see increases in sales opportunities as we successfully on-board and enable these partner relationships,' chief executive James Barham said.
'As a result the business is developing strong revenue visibility, and I can report that the new financial year has started well and in line with management expectations.'