Fledgling software house Insurecom made multi-million pound losses in 2005 - the fifth successive year it has failed to make a profit.
According to results filed at Companies House, the software house achieved a 35% increase in turnover to £2.6m, but with administrative expenses of £7.2m, it made a loss for the year ended 31 December 2005 of £4.5m after tax.
This compares to a £5.2m loss in 2004 and takes to £21m its overall losses since the company was incorporated.
Insurecom's turnover would need to increase by 277% from the 2005 level for the company to break even next year, experts said.
Phillip Walter, chief executive of Insurecom, said in August 2005 that the company was "well on track" to make a profit due to a string of high profile client wins and an improved business model.
This week he defended the company's latest results and insisted that it was now the only software house in the market with no debt.
He said: "Insurecom has been on-record since late January on many occasions about our decision to make a significant investment into a development initiative that was commenced and funded in the second quarter of 2005.
"The majority of the £4.5m additional investment was related to a specific development initiative that was given the go-ahead by the board, and received the full support of the parent."
Walters added that the company had been profitable since January 2006.
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