Struggling software house Insurecom made substantial losses for the fourth year in a row in 2004, according to accounts filed at Companies House.
The company declared total sales revenue of £1.9m for the year ended 31 December 2004. However, total losses before tax for the year were £5.3m.
In the previous period, the company made a pre-tax loss of £4.3m.
More worrying for US business magnate John C Head III, who is bankrolling the company, is the fact that Insurecom has haemorrhaged over £16.5m since the company was incorporated.
The news will increase the pressure on new chief executive Phillip Walter, who has pledged to turn the company's fortunes around.
Walter said: "Insurecom's shareholders have made significant investment in the company over the past two years in line with its long-term strategy to grow the business and gain market dominance."
He added: "Insurecom is well on track to profit and loss crossover within 12 months."