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Technology and software investor KRM22 posted a first-half loss after contract delays weighed on revenue.
Pre-tax losses for the six months through June amounted to £1.73 million, compared to year-on-year losses of £1.19 million.
Revenue fell to £2.15 million, down from £2.32 million.
'We have made good progress in the year expanding our offering and improving the quality of our recurring revenue while maintaining a tight handle on costs,' executive chairman Keith Todd said.
'Delays in signing some larger orders is frustrating but larger customers will lay the bedrock for further shareholder value creation in the future.'