Uninsured loss recovery company Universal Salvage said it produced an "unacceptable" loss for the year ended 1 May 2004.
The group reported an operating loss of £4m and a 22% drop in turnover from £61.3m in May 2003 to £48.4m in May 2004.
The group said a decline in prices for salvage vehicles, weaker than anticipated salvage vehicle volumes and an unnecessarily high cost base affected its trading results.
Group chairman Alexander Foster said: "We have an excellent new chief executive who is fully committed to turning around the business."
