After breaching a banking covenant and then being rescued earlier this year by its founder and “honorary chairman” David Sullivan, Daily Sport now posts a £7.7 million loss for the 12 months to July 31. The company is shouldering a £2.4 million cost from re-structuring and re-financing. The newspaper publisher and adult content seller’s revenue was down 22 percent, to £22.9 million—and yet these results are an improvement on its year-ago figures when SMG was hit by a £18 million loss due to a £20 million goodwill write-down on the value of its newspapers. In any case, the City was unimpressed, and SMG shares tumbled 10.5p to just over 4p on Tuesday.