Accountancy firm RSM Tenon has posted a pre-tax loss of more than £100 million in a year that has seen hundreds of jobs axed.
The national firm, which has a major office on Legge Street, Birmingham, saw pre-tax losses soar to a total of £101.8 million in a year which saw both its chief executive and chief financial officer step down.
The company has trimmed staff numbers by 12.5 per cent across the year to June 30 as it managed its target of £14 million worth of savings, as part of a wider plan to save £20 million.
Revenue fell by 8.8 per cent to £208.2 million across the year, while net debt grew by more than £10 million to £78.3 million.
The Post reported in January that Bob Morton and Andy Raynor resigned as chairman and chief executive respectively after the group revealed it was suffering.
Tim Ingram has since been appointed as chairman and Chris Merry as chief executive.
Mr Ingram said: "The last year has been a really tough one for everyone at RSM Tenon.
"I very much appreciate the exceptional hard work so many have had to put in and applaud the enthusiasm and drive to succeed. I would also particularly like to thank our clients for their loyalty to us throughout the year, and we look forward to continuing to provide services to them in the years to come.
"Although it will take time to achieve full operational efficiency, I am confident that this will happen."
The losses dwarf the £177,000 loss the firm made over the previous 12 months.
The sum includes exceptional items costing £77.2 million, including £4.3 million spent following a settlement agreement with the Financial Services Authority and a £7.7 million bill resulting from a review of the business.
Mr Merry added: "We are focused on our clients and always put them first. We are making the right changes to bring the firm together as One RSM Tenon.
"We are in a stable financial position with bank facilities in place for the next two years."
The Post reported earlier this summer that RSM Tenon had sold the business and staff of its Stoke-on-Trent office to Dains as part of cost-cutting plans.