The 2008 full-year results of GlobalCapital plc were published following a Board of Directors meeting held on Friday 27 March 2009.
During the year to 31 December 2008, the Group incurred a pre-tax loss of €7.6 million when compared to a pre-tax profit of €0.35 million registered last year. The Group’s Directors attributed this loss to the global financial crisis which heavily impacted the bond, equity and property markets and which in turn negatively effected the Group’s main businesses. GlobalCapital’s equity and bond investment portfolio suffered huge losses during the year as a result of unrealised fair value losses totaling €6.5 million. The Group’s insurance business was also adversely impacted by the performance of the capital markets together with a decline in premiums. On the other hand, the Group’s Property business together with the Agency and Brokerage services registered positive results.