Insurance IT specialist Sherwood International has reported a loss of £2.5m after tax in its half-year interim results, compared to a loss of £1.8m last year.

Group turnover for the six months ended 30 June declined by 8% to £24.6m.

The company largely attributed this to the closure of the Mattioda business in North America.

A loss per share of 5.6p was reported and Sherwood announced it will not be paying an interim dividend.

However, Sherwood said that steps taken in January to reduce its cost base had enabled it to deliver the first half in line with consensus expectations despite continued difficult market conditions.

It has also scored some significant contract wins recently, including AXA Insurance, Nationwide Building Society and Defra (Department for Environment, Food & Rural Affairs).