(Alliance News) - Clear Leisure PLC on Friday said its loss narrowed sharply in the first half of 2019 due to a reduction in operating costs.
The company, which invests in leisure, real estate and digital sectors, reported loss of EUR438,000 for the six months to the end of June compared to EUR1.5 million a year earlier. Revenue fell to EUR6,000 from EUR8,000 year-on-year.
Clear Leisure reported a reduction in administrative costs to EUR532,000 from EUR706,000 the year before
The net asset value of as of June 30 was EUR1.5 million compared to EUR1.6 million a year prior.
Looking ahead, the company warned that its operational existence is still dependent on the ability to raise further funding either through an equity placing, or through other external sources, to support the on-going working capital requirements.
"We are now starting to witness some positive results with regards to monetising our historical assets, as well as seeing successes with our technology sector investments, which are proving their innovative potential," said Chair & Chief Executive Francesco Gardin.
"The board remains confident that by continuing with its well-founded strategies, its goal of returning meaningful value to shareholders will be achieved," added Gardin.
Clean Leisure shares were trading 2.2% higher in London on Friday at 0.23 pence each.