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Secured loans broker Loanmakers has reported that its share price has fallen by 18%.

The news follows an earlier announcement to the stock exchange that the secured loan player had posted a pre-tax loss of £8.4 million for the financial year ending in March.

This loss marks a dramatic turn of fortune for the broker, who reported a £7.8 million profit for the same period the following year.

It has been a busy and difficult fiscal twelve months for the company, perhaps most notably because of their decision to sell their Individual Voluntary Arrangement business and instead focus on secured loans.

This decision to drop the IVA side of their operations has had an inevitable impact for staff of the Bolton-based company, with 115 job losses, including 10 forced redundancies, resulting.

The secured loan broker’s chairman commented that its financial year had been “extremely disappointing”. Adding that, “Whilst current trading for Loanmakers is challenging, the board believe business still has the potential to deliver good growth and accordingly has been examining ways to strengthen the company’s balance sheet.

“We are well aware that shareholder confidence is at a low level but in order to deliver value in the future the board’s strategy is to support the Loanmakers business until confidence returns to the market.”