Sport Media Group has reported pre-tax losses of £7.7m for the year to end of July but said circulation of the Daily and Sunday Sport had risen ten per cent since hitting a low in March.
However, the group dropped out of ABC accreditation earlier this year so independent verification of circulation figures is unavailable.
The group had operating profits of £263,000 in from the 12 month period compared to £6.4m profits in the same period in the previous year.
David Bailey, chairman, said after completing a significant refinancing and restructuring, SMG was “well positioned to build on our current profitability and deliver the potential that this group of companies has always promised”.
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After breaching its banking covenants earlier this year SMG was reported to be a week away from bankruptcy before former owner David Sullivan stepped in with a loan to keep the business afloat and became involved again in running the business.
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