On 26 August, GlobalCapital plc published its 2010 half-year results. The financials show an after-tax loss of €1.4 million compared to the €2.3 million loss reported in the comparable period last year. The loss during the period under review was partly attributable to the €790,593 share of loss from the Group’s associate undertaking, Metropolis Development Limited. In a separate announcement, GlobalCapital stated that it has agreed the sale of its 40% shareholding in Metropolis for a total consideration of €3.8 million, equivalent to the par value of the equity. Further details on this divestment is available here.
The Directors commented that the divestment from Metropolis is in line with the Group’s strategy to focus on strengthening its financial services division in particular its insurance activities. Moreover the Directors explained that they are closely monitoring the first phase of its revitalisation programme launched in 2009 with the aim of further strengthening the Group in achieving its growth objectives. The revitalisation programme included the re-launch of the group as the ‘Insurance Specialist’ complemented with a strong sales force recruitment drive and investment in experienced personnel. Over the course of the next two years GlobalCapital Life Insurance aims to invest further in the implementation of the Solvency II regulatory requirements which are scheduled to come into force in 2013.
Similar to previous years, the Directors did not declare an interim dividend.
Download copy of the 2010 Interim Results of GlobalCapital plc