On Friday 18 March, the Board of Directors of Global Financial Services Group plc issued a Preliminary Profits Statement for the year ended 31 December 2004.
Revenue from fee and commission income increased from Lm1.4 million to Lm2.5 million – this includes a performance fee of Lm580,891 earned by a Group undertaking from its activity as an investment advisor. Meanwhile the balance on the long term business of insurance technical account dropped to Lm142,438 (2003: Lm202,525), whilst the increment in value of in-force business during 2004 was of Lm196,000. Profits generated by the newly established property division amounted to Lm432,412.
Group administrative expenses increased by 18.7% to Lm1.5 million. After taking account of goodwill amortisation of Lm160,244, the operating profit generated by the Global Group in the twelve months ended 31 December 2004 amounted to Lm1.3 million compared to Lm247,234 in 2003.
Profit for the year of Lm904,373 translate into earnings per share of 6c8 (2003: 1c8).
The Global Group’s net asset base increased by 10.8% to Lm9.97 million, resulting in a net asset value per share of 75c5. The Group return on equity in 2004 was of 9.07%.
The Directors have recommended to its shareholders at the next Annual General Meeting scheduled for 19 May 2005, a gross dividend of 3c per share (2003: 1c). Members who appear on the Company’s register as at close of trading on 14 April 2005 shall be entitled to the net dividend of 1c95 per share, which shall be payable by not later than 27 May 2005.