GlobalCapital p.l.c. has announced that for the period January to September 2015, the company has continued its positive performance.
In a company announcement issued on the Malta Stock Exchange, the Directors of GlobalCapital p.l.c. released an interim statement for the period until 30 September 2015.
The company explained that the aggressive transformation strategy aimed at generating revenue growth, reducing operational costs and ensuring long-term financial stability continues to generate the desired results for the Group and this success has allowed the positive performance to continue throughout the reporting period.
The Company’s life insurance subsidiary, GlobalCapital Life Insurance Limited, has registered further growth during the first nine months of 2015 when compared to the business registered during the same reporting period in 2014.
The health insurance agency’s results remained in positive territory with both revenues and costs in line with the previous year. A decrease in fees registered by the Group’s investment company was more than offset by the reduction in the company’s cost base.
In line with the Group’s property divestment strategy, further action has been taken over the last months to continue the divestment process of the Group’s local property portfolio. The Board of Directors said that in due course, the divestment process will further reduce the overall property exposure to bring it in line with its expectations.
Further to the resolutions approved at the General Meeting held on 16 September 2015, the Directors have reported their intention to give effect to the shareholders’ resolution to increase the Company’s issued share capital during the early course of 2016.
The directors have also made reference to a previous announcement issued on 16th September 2015 where it was announced that EIP p.l.c. is still intent to support the Company in any capital increases, which the Company intends to make. EIP p.l.c. has since concluded a transaction to purchase the entire share allocation of Aberdeen, amounting to 8.93% shareholding in GlobalCapital p.l.c.
The Directors further reported that since the publication of its unaudited interim financial report for the period January - 30 June 2015, no material events or transactions have taken place that would have an impact on the financial position of the Company, such that would require specific mention, disclosure or announcement pursuant to the applicable Listing Rules.
Profit trend sustained through the first nine months of 2015
Earlier this year, GlobalCapital p.l.c. reported that a positive trend that started for the Company in the second half of 2014 has been sustained throughout the first six months of 2015 as the Group’s operations remained in positive territory for two consecutive reporting periods covering twelve months. This positive trend has also continued to generate more revenue throughout the third quarter of 2015 until 30 September 2015.
The Company’s interim report for the first six months of 2015 had announced a profit before taxation of €1,176,197 compared to a loss of €966,897 for the same period in 2014. The Group had also announced a profit after taxation of €222,671 for the financial year ending in 2014, marking the Group’s return to profit territory for the first time in the last seven years.