On 21 April the 2010 full-year results of GlobalCapital plc were published following a Board of Directors meeting held on Wednesday 20 April 2011.
During the year to 31 December 2010 the Group registered a loss after tax of €8.3 million compared to a loss after tax of €760,744 for the year ended 31 December 2009. The Group explained that these results were adversely affected by a number of non-cash/non-recurrent items totalling €5.8 million, including write-offs of goodwill, computer software and tangible assets as well as negative fair value movements on investment property. Moreover, financial investments experienced a slowdown with net unrealised fair value gains of €621,921 in 2010 compared to net gains of €2.6 million in 2009.
Within the Group’s core operational activity, the business of insurance registered a loss before tax during 2010 amounting to €118,869 compared to a pre-tax profit of €1.97 million in 2009. The agency and brokerage business generated a combined pre-tax profit of €298,640 compared to the €352,687 achieved during 2009. On the other hand, during 2010 the investment services division incurred a loss amounting to €557,836 compared to a loss of €1.3 million in 2009. Activity from the property division was scaled down during the year under review as the Group restructured its senior management as a key element of its continued effort to grow revenue, manage expenses and create value for shareholders within its core financial services business.
Download GlobalCapital’s 2010 Annual Report here.