RSM Tenon Group has posted revenues down 8.8% to £208m after a "really tough" year which saw 400 staff made redundant.
Its results for the year ended 30 June said underlying business remained "resilient in a challenging market".
It suffered an underlying operating loss of £8.9m, compared to a 2011 underlying operating profit of £18.5m.
The business said it had made significant changes during the year, including board and management changes, cost reductions and non-core disposals. It made annual cost savings of £20m.
It also said its bankers, Lloyds Banking Group, had committed £93m to the business over the next two years.
Chairman Tim Ingram said: "To say that the year ended 30 June 2012 was a disappointment would be an understatement; this year has been totally unsatisfactory for shareholders and other stakeholders.
"The results speak for themselves… It was unacceptable to have allowed a situation where costs had grown to be in excess of revenues, and bank indebtedness had become a multiple of the company's market capitalisation.
"Although the external economic environment has not been helpful, the main reason for this state of affairs is that the business had in the past simply not been managed in the way it should have been.
"Of critical importance are the changes that have been, and are being, made to enable the business to provide the profitable returns that it should - and can - provide for shareholders."
Board and management changes:
· New chief financial officer, Adrian Gardner appointed 18 October 2011
· Chris Merry was appointed as CEO 15 February 2012 (pictured)
· Chairman Tim Ingram joined 31 May 2012
· Since the financial year-end, David Jeffcoat became a non-executive director and chairman of the audit committee on 4 July 2012
· Nicholas Page as a non-executive director and chairman of the remuneration committee as from 18 October 2012
Developed by industry-wide group
Joined in 2002
'Educate clients' children'
Raised £15m earlier this week
From 8pm Friday 19 October