Turnover at the Sport newspapers and digital content publisher was down 22% to £22.9m from £29.4m. Underlying operating profit was £0.3m, down from £6.4m.

The 12-month period incorporated the second six months of the company's 17-month reporting period to 31 December.

The company said it had seen a substantial change in fortunes as it underwent significant re-structuring and re-financing.

Exceptional costs amounted to £2.4m and the group was bearing additional interest costs.

However it was now confident of survival and achieving consistent monthly profitability and positive cash generation.

The group was seeking ways to reduce its debt, which stood at £12.7m against £9.9m previously.