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Healthcare and industrial focused engineer Scapa swung to a full-year loss after it lost a key contract with medical products group ConvaTec.
Pre-tax losses for the year through March amounted to £51.0m, compared to a profit of £14.9m on-year.
Revenue rose 2.8% to £320.6m, but trading profit slid 27% to £27.8m following the loss of the ConvaTec work.
Scapa also booked exceptional items of £68.4m including impairments of £54.6m, site closure costs of £8.0m and contract-specific exceptional costs of £7.2m associated with ConvaTec.
The company recently raised £32.6m from a share issue and decided to suspend its dividend for the current year to further strengthen its balance sheet.
It said year-to-date trading had been better than initially forecast under its Covid-19 scenario, but added that recovery was still occurring at a slower pace.
'As we navigate through the Covid-19 pandemic, it is difficult to predict how long the restrictions will last or the shape of the recovery,' chief executive Heejae Chae said.
'Regardless of the 'new normal', our strategy is to position ourselves to react decisively and quickly to take advantage of the opportunities that will emerge.'
'To provide flexibility to fully realise these opportunities, in May 2020 we strengthened our balance sheet through a successful placing and subscription, as well as a debt-refinancing to provide additional liquidity.'
'Whilst we recognise the past year has been difficult, we are confident these actions, alongside cost saving initiatives, will enable Scapa to cement its strong market position, trusted outsource partner status and ability to quickly support its customers as we continue to focus on rigorous execution of our strategy in the short, medium and long-term.'