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Yes. Libel damages are never huge unless you can show actual monetary loss. Libel is expensive to fight. Often there are huge evidential issues which require a lot of lawyering. This was a relatively cheap fight. Much of the strategy of libel cases often rests on screwing the other side for costs by making a settlement offer under Part 36 of the CPR which would allow you indemnity costs (ie 100%) of your costs if you win or do better than your offer. In this case the judge did not award indemnity costs.
Wow, that's amazing. Is it usual that both the people involved in Libel cases lose money?