Sirius Financial Solutions announced that it will open an Indian operation in 2004,
It also reported that pre-tax losses of £581,160, according to its full-year results for 2003.
For the year ending 31 December 2002, the company's pre-tax profit was £1.9m on sales of £22.7m. Sales fell to £20.5m in 2003.
Borrowing at the company has risen. Sirius said that it had a gearing of 20.9% as of 31 December 2003 compared to zero gearing for the same period in 2002.
Sirius shares lost more than 10% in early trading today.
