On 30 August, GlobalCapital plc published their half-year results covering the six months ended 30 June 2012. During this period the Group registered a loss of just over €1 million compared to the €1.35 million loss during in the first half of 2011. The reduction in the loss figure is mainly related to the unrealised fair value gains of €34,735 registered during the period under review as opposed to the €993,904 fair value losses registered in the previous comparable period. The segmental reporting reveals that three out of the four business segments of the Group were in a loss making position during the period under review.
The Directors also noted that the Group will continue to address Solvency II regulatory requirements during the remainder of 2012 and 2013 ahead of the implementation deadline of January 2014.
In conclusion, the Directors stated that based on the Group’s updated current and forecast statement of financial position, cash flows and scenarios for raising additional capital should the need arise, they are of the view that the company and the Group have adequate resources for future operations. In an announcement dated 30 December 2011, GlobalCapital had noted that its immediate objective remains that of ensuring that it maintains appropriate capital and liquidity levels. The Group had indicated that during the first half of 2012 it will take any necessary action including a possible capital injection.
Download a copy of the GlobalCapital plc 2012 Half-Year Results