Marketing software provider Alterian has swung to a full-year pre-tax loss, hit by an increase in costs as it seeks to expand the business.
The embattled firm also said it plans to restructure its board.
Chairman Keith Hamill said he will defer his retirement until the process to recruit a chief executive was over and a new chairman was lined up.
Chief executive David Eldridge quit the firm last month after it announced a profit warning following delays to a licensing contract.
Alterian reported a pre-tax loss for the financial year of £4.4m, compared with last year’s profit of £6.7m.
Revenue fell almost three per cent to £37m. A company spokesman said: “The results reflect increased costs aimed at expanding the business. These were not matched by growth in revenues.”