19th Oct 2020 14:44
(Alliance News) - Trading in Clear Leisure PLC's shares have been restored with the company having published its 2019 accounts, London's junior AIM stock market announced on Monday.
Shares in Clear Leisure were down at 3.8% at 0.26 pence each on Monday afternoon.
The investment company focused on the technology sector on Monday said it recorded a pretax loss of EUR1.6 million for 2019, sharply narrowed from EUR3.7 million. Revenue inched higher to EUR13,000 from EUR12,000.
Chair Francesco Gardin said: "We have finally managed to publish the 2019 audited accounts due on September 30, following a two and a half week delay, caused as a result of the need for material adjustments emerging just two days before the deadline. This issue has been resolved for the published 2019 audited accounts and changes in the financial reporting process are ongoing to address the underlying root cause."
The narrowed 2019 loss was attributed to a drop in administration expenses to EUR1.4 million from EUR3.8 million and absence of any exceptional items versus EUR366,000 recorded a year ago.
"Despite sustaining a high level of operational activity, the company during 2019 managed to cut annual operating costs, with special regard to legal and professional services. Furthermore, during 2020 the company also managed to reduce costs by more than GBP100,000 through reducing contracted London office space, related secretarial support and other internal expenses," the company explained.
Clear Leisure said it remains committed to returning value to shareholders by managing its legacy portfolio assets, continuing with its investments in the technology sector and further reducing debts. In 2019, the company had total liabilities of EUR8.0 million.
By Tapan Panchal; [email protected]
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