The group lost pounds 18m in the year to September, against pounds 3.4m in the previous year. Although it made a pounds 353,000 operating profit, following a pounds 1.6m loss last time, this was wiped out by a pounds 15.3m property provision and a pounds 3m write-off of goodwill following the disposal of a subsidiary.
Its shares, which reached a high of 280p in 1989, closed down 11p at 13p, giving the group a market value of just pounds 2m.
Louis Goodman, the managing director, said the company had agreed the terms of the sale of a 'major property' that will be announced soon.
Net assets fell from 174p to 109p a share, or 9p on a fully diluted basis. The losses have wiped out the group's distributable reserves.