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October 28, 2009

Sport Media Group circulations up 10% but profits tumble to £263,000

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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”.

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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