- Interim Results Publication

The Board of Directors of Global Financial Services Group plc today published the financial results for the six months ended 30 June 2004.

During the period under review the Group’s turnover increased by 12.8% to Lm2.7 million. A breakdown of the different segments of revenue shows that 69% of Group turnover emanated from the business of insurance which during the first six motnhs of the year increased by 9.7% to Lm1.85 million. Revenue from investment and advisory services showed a 26.5% improvement to Lm562,478 and turnover from revenue and brokerage services increased by 4.7% to Lm276,752.

The Group’s gross profit amounted to just over Lm1 million compared to Lm797,000 in the comparative period last year. The Group operating profit after deducting goodwill amortisation increased by 13.6% (Lm21,868) to Lm182,425. After taking into account an investment return of Lm124,357, Group generated a profit before tax of Lm306,782, 49.3% higher than the pre-tax profit during the first six months of 2003. After accounting for taxation, profit attributable to shareholders totalled Lm212,052 (2003: Lm130,765). Earnings per share increased from 1c to 1c6.

The Group balance sheet as at the end of June 2004 shows total assets amounting to Lm18.8 million with shareholders funds of Lm9.3 million, translating into a net asset value per share of 70c4. The annualised return on equity (profit after tax divided by average equity) works out at 4.68%.

The Directors have not declared an interim dividend.

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