Tandem Group PLC said its normalized net income for the first half was a loss of £6,250, compared with income of £215,000 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue climbed 9.8% on an annual basis to £17.1 million from £15.6 million, and total operating expenses grew 13.3% on an annual basis to £16.9 million from £14.9 million.

Reported net income fell 62.3% year over year to £133,940, or 3 pence per share, from £355,030, or 7 pence per share.