Property trading and investment company Safeland posted a deeper first-half loss which it said owed to transactional volatility.
Pre-tax losses for the six months through September amounted to £0.5m, compared to losses of £0.2m on-year.
Revenue fell 29% to £2.0m.
Safeland did not declare an interim dividend.
'As stated in previous announcements, the market continues to be constrained by the current economic and political outlook,' the company said.
'However, we continue to pursue acquisition opportunities whilst continuing to add value to existing stock held through planning or development.'