Clear Leisure narrows losses following shift in focus

Investment outfit Clear Leisure said on Friday that losses narrowed in the first half as it shifted its investment strategy away from the leisure sector towards the broader technology sector.

Clear Leisure cut total losses 70% in the six months ended 30 June to €477,000, while operating losses were narrowed 25% to €526,000.

The AIM-listed group, which switched its focus from the leisure sector towards the broader technology sectors, with special focus on interactive media, blockchain and artificial intelligence, saw its net asset value remain stable throughout the half at €1.5m.

Finance charges were down 28% as a result of reduction and rescheduling of debt.

Clear Leisure acknowledged that challenges still needed to be overcome before it achieves its goal of realising "meaningful value" for shareholders but said it was confident that by continuing with its "well-founded strategies", its goal would be achieved.

Chairman Francesco Gardin said: "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.

“The board remains confident that by continuing with its well-founded strategies, its goal of returning meaningful value to shareholders will be achieved."

As of 0930 BST, Clear Leisure shares had fallen 2.22% to 0.22p.