GlobalCapital plc - Interim Results

Friday, August 23rd, 2013

On 23 August, GlobalCapital plc published its half-year results covering the six months ended 30 June 2013.

Performance Overview

During the period under review, the Group registered an operating loss of €90,115 compared to the loss of €189,771 registered in the first six months of 2012. The lower loss was due to the improved performance of the Group’s insurance business, the considerable growth in revenue at the investment division as well as continued reduction in administrative expenses.

After accounting for a positive net investment return of €155,656 as opposed to the charge of €560,489 incurred during the first six months of 2013, GlobalCapital registered a pre-tax profit of €65,541 compared to the pre-tax loss of €750,260 in the first half of 2012.

However, after taking into account the tax charge of €101,237 (June 2012: €283,680), the Group still incurred a loss of €35,696 albeit less than the loss of €1 million incurred in the previous comparable six months. This translates into an earnings per share of €0.008.

Outlook

The Directors explained that the implementation of the life company’s administrative IT system remains on track and is expected to go live in early 2014. The new system will position the company for growth and expansion going forward.

In conclusion the Directors also stated that on the basis of the Group’s forecast statement of financial position, cash flows and scenarios for raising additional fiannce should the need arise, the Directors are of the view that the Group has adequate resources for future operations.

Download

GlobalCapital plc – Half-Yearly Report for the six months ended 30 June 2013.

Print This Page Print This Page