Audax Properties plunged into the red in the six months to the end of September with pre-tax losses of ã1.2m against a profit of ã102,037 last time.

The group reports an operating loss of ã397,315 for the period against a profit of ã927,037 a year ago.

There was an unrealised loss on the revaluation of investment properties of ã1.2m - up from ã57,508 a year ago.