28th Jun 2019 12:14
(Alliance News) - Clear Leisure PLC on Friday said it intends to improve its financial profile after reporting a widened loss in 2018.
The stock was trading 16% lower on Friday at 0.39 pence a share in London.
The AIM-listed company posted revenue of EUR12,000 for 2018, up from EUR5,000 reported a year earlier, but pretax loss widened sharply to EUR3.9 million from EUR63,000.
The widened loss is primarily a result of the decrease in value of its subsidiary Mediapolis Srl, Clear Leisure explained.
The undiluted net asset value of the company at the end of 2018 increased to EUR1.9 million compared to EUR1.2 million a year prior.
Looking ahead, the investment company said it remains committed to improving its financial health through court-led recoveries of misappropriated assets, further reduction of its debt and investment in high growth businesses with a technological bias.
"Much has been achieved since the appointment of the new board in July 2015, but other challenges still need to be overcome before the board achieves its goal of realising meaningful value for the company shareholders," said Chair Francesco Gardin.
"We are confident that by continuing with our processes and strategies, this goal will be achieved," Gardin added.
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