Clear Leisure, an investment company with assets in the Italian leisure sector, has boosted its share price after unveiling an upbeat trading statement ahead of its full year final results.
The group reported an unaudited non-consolidated profit of £0.52m, compared to a loss of £13m in 2011, of which £9.3m was impairment charges.
Operational expenses fells to £0.89m from £3.9m the previous year, with further reductions expected in 2013.
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Unaudited net assets rose 78% to £24.2m (2011: £13.6m), while unaudited liabilities decreased 56$ to £5.5m (2011: £12.7m).
The group pointed out that because 2012 will be the first time the results will show a set of consolidated accounts across the group, including the subsidiaries where the company now owns over 50%, a comparison with the final results of 2011 will be difficult to make.
Alfredo Villa, the Chief Executive Officer of Clear Leisure, said: "2012 was a dramatic year of change within Clear Leisure. We have met our targets to increase the value of our assets while lowering liabilities and expenses.
"The key milestone for the group was the successful acquisition of the controlling interest in our three major assets and this will be reflected in our audited accounts which we will publish later in the second quarter.
"We are very happy with the performance of the group over the past 12 months and these figures should help shareholders understand the momentum we are creating."
The share price rose 10% to 4.12p by 09:35.
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