- Full Year Results

On Monday 19 April, Global Financial Services Group plc released its preliminary profit statement for the year ended 31 December 2003. These financial statements take into account the operations of British American Insurance Co. (Malta) Ltd. and BUPA Agencies Ltd., which were acquired on 16 January 2003.

Total revenue during 2003 amounted to Lm4.9 million, with just under Lm4 million of this being accounted for by the newly acquired businesses.
Turnover from investment services increased by 17% over 2002. The operating profit for 2003 amounted to Lm247,234, a significant improvement compared to the operating loss of Lm291,992 in 2002.

Group profit before tax and amortisation of goodwill amounted to Lm512,000 for the year ended 31 December 2003. The charge for the amortisation of goodwill amounted to Lm160,244 resulting in a net profit before tax of Lm351,756. After accounting for taxation, profit for the year amounted to Lm235,167 resulting in earnings per share of 1c8.

Earnings per share is based on the weighted average number of ordinary shares in issue during the year. On 16 January 2003 the company issued 31,037,736 ordinary shares with a nominal value of 2c5 per share as consideration for the acquisition of the local operations of British American Insurance Co. (Mtius) Ltd. Furthermore, on 25 July 2003, the Company re-designated its authorised and issued share capital into fully paid up shares having a nominal value of 12c5 each. The weighted average number of ordinary shares in issue during 2002 and 2003 was adjusted for the re-designation of share capital.

The Group’s net asset base as at the end of December 2003 amounted to just
under Lm10 million translating into a net asset value per share of 68c1.

The Board of Directors has resolved to recommend to its shareholders to approve a gross dividend of 1c per share (equivalent to a net dividend of 0c65 per share) at the company’s Annual General Meeting scheduled for Friday 30 July 2004. Subject to the approval of the Annual General Meeting, the net dividend of 0.65 cents per ordinary share, shall be paid by no later than the 6 August 2004. The dividend will be paid to all shareholders as at close of trading on Friday 25 June 2004.

The shares begin trading XD as from Monday 28 June 2004.

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