The company said the net deficit in the six months to 31 August was £0.148m ($0.238m), versus a profit of £3.17m in the same period of 2013.

Revenue rose to £64.47m from £63.89m, but operating costs jumped to £46.85m from £41.92m, leaving the operating profit weaker at £0.27m, compared to £4.38m a year ago.

It also blamed exceptional costs of £3m in 2014.