Ten Alps widens pretax loss in extremely disappointing FY

Its full-year pre-tax loss was £3.66 million, from £1.03 million. The amortisation and impairment charges totalled £3.18 million, from £43,000.

Nonetheless, it booked a rise in 12-month revenues to £22.62 million, from £18.03 million.

Chairman Peter Bertram described the wider loss as extremely disappointing, adding hard decisions had been made and remedial action taken to structure the business for success.

"The Reef acquisition has been a real success and we aim to use this as a template for future deals," said Bertram in a statement.

"We believe that scale, depth in talent, customer base and the ability to work seamlessly across the different factual genres makes us attractive for both acquisition targets and to our customer base," he added.

"All business units are forecast to operate profitably during the current financial year.

"We are extremely grateful to all our stakeholders, including our talented and dedicated employees, and our supportive shareholders."

At about 10:55 BST, shares in Ten Alps were down 6.25% to 0.75p.