The 2009 full-year results of GlobalCapital plc were published following a Board of Directors meeting held on Thursday 18 March 2010.
During the year to 31 December 2009, the Group incurred a pre-tax loss of €0.76 million, a substantial improvement when compared to a pre-tax loss of €6.9 million incurred during 2008. The Group explained that these results are the outcome of a revitalization programme which took place during 2009 which resulted in a significant reduction in the Group’s cost base and improved operational efficiencies brought on by the reorganisation of the Group’s front office and the automation of back office processes. GlobalCapital also stated that these results reflect a partial recovery in the financial markets, however commission revenue on investment activities declined further as investors remained cautious. The Group’s life insurance business registered a pre-tax profit of €1.98 million (2008: pre-tax loss of €2.2 million) while the property division as well as the health insurance and insurance brokerage businesses all continued to contribute favourably to the Group results. GlobalCapital concluded that these results reflect an encouraging turnaround which is expected to improve further during 2010.