Berkeley Scott Group has reported a loss before tax of £1.5m for the six months to 31 March 2007, compared to a loss of £0.6m in 2006.

Revenue was unchanged at £8.8m. Net fee income was marginally lower at £4.3m in the six months, compared to £4.5m in 2006.

The company reported that net borrowing was down substantially to £1m in the period, compared to £3m in 2006.

Tony Reeves and John Bowmer (pictured) co-chairmen said: “The numbers we are reporting today reflect a troubled period in the history of the company that we believe is now at an end. There is some excellent talent within the firm whose potential can now be fully utilised as the company moves through its restructuring and into a new chapter of development and growth.

“Since we came on board five months ago we have made significant progress in implementing positive changes that are beginning to unlock the potential of the firm that we envisioned when we made our investment.”

The company has secured John Rose as chief executive, who joined in May from Hudson UK and Ireland.