Miller Fisher, the loss adjuster group, made a pre-tax loss of £16.8m, down from a pre-tax loss of £3.1m last year.
The company's turnover fell by about £7m, to £41.2m from £48.3m the year before, as it lost a number of valuable accounts.
Finance director Richard Horton argued the results, which equate to a loss of 10.6p a share, reflect not only a very difficult period for trading but the high costs of restructuring the business.
The group has slashed back its branch network and made redundancies to cut its cost base by £8m.
It also has new management, under chief executive Malcolm Hughes.
Hughes said: "Miller Fisher has undergone a period of change but has emerged as a stronger, leaner firm."
The company will pay no dividend, for the second year running.
Its shares, which have been almost worthless for months, rose by 0.5p to 3.5p on the results.
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