The company swung from a profit of R324million in the comparative period to a loss of R45m in the period under review.
The firm said it wrote off R287m in impairment of capitalised software development assets and R52m one-off operating expenses relating to the termination of the IT contract.
The group's headline earnings per share also plunged 23percent to 16.7cents per share.
De Villiers said the company had in the past few years abandoned its core business and wanted it to refocus on what it did best. “At its core, the company should be an advice-led business with superior advice services for corporates and individuals. We kind of drifted away from being an advisory business and if we set up the business that way we will surely succeed,” he said