LONDON (Alliance News) - Clear Leisure PLC Friday reported that it swung to a profit in the first half of the year, after it streamlined its portfolio and cut costs.
It reported a pretax profit of EUR451,000 for the six months to end-June, compared with a loss of EUR369,000 a year earlier as it earned revenues of EUR19,7 million compared with nothing last year. It fully consolidated its investments this year and hence recognized those revenues in its accounts.
It said it had cut costs at its head office by 30% and it is continuing to review spending across the company.
Its net asset value at the end of the period was 13.3 pence, the same as a year earlier, although consolidated NAV attributable to owners of the company rose to EUR30.7 million, from 26.3 million a year earlier and EUR29.5 million at the end of last year.
The company's shares were up 4.1% at 3.2 pence early Friday.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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