Wavenet has made a pre-tax loss of £8.4 million for the year ended 31 March 2024.
That compares to a £2.7 million profit for the previous financial year.
However, the company also increased its turnover by 44 per cent to £171.1 million, up from £118.7 million in 2023.
In addition, Wavenet’s cash generated from operating activity rose to £28.3 million from £21.1 million the prior year.
Adjusted EBITDA was also up at £32.8 million from £25 million.
Wavenet posted an operating loss for the year of £6.2 million versus an operating profit of £2.8 million for the year to 31 March 2023.
Its net assets were £263.6 million (31 March 2023: £165.4 million), which included a £105.7 million capital contribution arising from various hive-up activities.
Wavenet said in its financial statement, "The company has continued its vision is to be the most respected provider of cybersecurity, cloud and technology solutions to UK customers by investing in the right technologies, partners and people, and maintaining strong and dependable growth."
In May, Wavenet announced plans to combine with Daisy Corporate Services to create a business with more than £500 million turnover, employing 2,000 staff.