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."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
