Clear Leisure swings to profit as net asset value surges

Clear Leisure announced its unaudited interim results for the six months to 30 June on Monday, reporting a profit before tax of €2.14m.

The AIM-traded company confirmed that was a year-on-year swing from a loss before tax of €0.62m.

Its operational profit was €2.03m, swinging from an operational loss of €0.275m.

The company’s undiluted net asset value stood at €4.95m at period end, up significantly from €1.6m at the start of the period.

“During the first six months of the year, management remained focused on securing control of the company’s assets, principally through court led recoveries of misappropriated assets and the acquisition of the debt of subsidiaries at substantial discounts,” explained Clear Leisure chairman Francesco Gardin.

“These actions are essential if the company is to determine the best way to maximise the value of the assets for the benefit of shareholders.”