GlobalCapital plc – Interim Directors’ Statement

GlobalCapital p.l.c. announced that since the publication of its annual results for the financial year ended 31 December 2013 issued on the 30th April 2014, 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. 

The sharp drop in the Malta Stock Exchange index by 7% since the beginning of 2014 has adversely impacted the Group’s investment portfolio resulting in producing negative bottom line results for the first quarter of the year. 

The Company’s revenue was below target in the first three months of the current year and lower compared with the first quarter result of the previous year whereas costs comparatively stood at similar levels. 

Active steps are being taken to strengthen the insurance business segment in line with the Company’s approved strategy. The strategy includes implementation of an aggressive transformation plan aimed at achieving stable growth, cost reduction and sustainable long term profitability going forward in its core insurance business. 

To view the official company announcement, click here.