The rules the analysis has to satisfy

A body that trades for profit cannot succeed in defamation unless the publication has caused or is likely to cause serious financial loss (Defamation Act 2013, s.1(2)).

An award of general damages is not a measure of the claimant's commercial loss.

A claimant must link the loss to the publication rather than to other commercial causes.

A gravely defamatory allegation does not by itself establish serious financial loss.

A court may infer financial loss from the nature and reach of the publication, but inference must be grounded in evidence rather than assertion.

The threshold can be met by loss already suffered or loss likely to be suffered; it is not limited to proven historic loss.

The extent, duration and prominence of publication bear directly on likely harm.

Where other explanations for a revenue decline exist, they must be addressed.

Large claimed losses of prospective business require corroborating evidence, not assertion.

For a small business a single lost customer or contract may be material, where for a large business it may not.

The same monetary loss may be serious for a micro business and immaterial for a large company.