GlobalCapital plc issued its Interim Directors’ Statment on 15 November in which it stated that during the first nine months of the year the Group registered increased turnover levels, over the corresponding period last year, predominately on its life insurance business and property portfolio, whilst investment fee income has experienced a decrease compared to the corresponding first nine months of 2006.
The Group’s health Insurance division has also registered positive results which, barring any unforeseen circumstances, are expected to be sustained throughout the remaining months. The downturn in the local and international capital markets persisted during the third quarter of the current financial year and this has invariably had an adverse effect on the Group’s portfolio of financial investments. This factor has led to a negative impact on the Group’s profitability for the period under consideration and if the downturn in the financial markets persists it is expected to impact on this year’s results.
GlobalCapital Investments Limited, one of the Group’s subsidiaries, has recently acquired a financial institutions licence in terms of the Financial Institutions Act, 1994. It is anticipated that this new licence will help further diversify GlobalCapital’s revenue streams and is expected to start contributing to the Group’s results during 2008.