Accident management firm Helphire has swung to a £149m loss before tax from a £43m pre-tax profit.
In its full year results, posted today, the group said the loss was mainly due to non-cash exceptional charges. It is not declaring a dividend this year.
Adjusted operating profit before tax dropped to £4.7m from £55.4m a year earlier.
Highlights of the year included a total overhaul of its board, improved cash generation, and the reduction of debtor days and net debt to £239.5m from £362.3m.
Chairman Richard Rose said: "Although, as previously reported, we have lost a significant referrer, we have renewed contracts with others and are actively seeking opportunities for growth, albeit at the right level of return.
"The lower cost-base is enabling us to trade profitably despite the lower case volumes. So far, the current year has started with trading in line with our expectation and we are continuing to generate operating cash."