Corporate finance firm Marechale said it had fallen £86,000 into the red in the six months to the end of September.
The loss compared with a £10,000 profit the previous year.
Earnings per share showed a loss of 0.16p compared to a small gain of 0.02p in 2010.
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However, Marechale said a number of recent projects, including arranging £38m for Halcyon Hotels & Resorts to buy seven hotels, had brought the business back into profit in the last three months.
Chairman Mark Warde-Norbury said market conditions were still challenging and the firm was cautious about the immediate outlook.
But he added there was "a good pipeline of businesses seeking funding, a number of engaged corporate finance projects, and an appetite amongst our investor contacts to invest in high quality investment opportunities".
"This provides us with a degree of confidence for the second half of the trading year," he said.
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