GlobalCapital plc â
GlobalCapital plc — Interim Directors’ Statement
GlobalCapital plc announced that from the 30 June 2008 to date it has continued to focus on its strategy to improve operational efficiencies and to reinforce robust risk management practices and effective cost management.
As announced on 28 August 2008 the Company has not proceeded with the acquisition of Mediterranean Bank p.l.c. although it remains committed to adding banking to its existing business lines at the right time and under the right market conditions subject to the necessary regulatory approvals.
The difficult market conditions in global financial markets which began in the second half of 2007 has persisted into 2008 becoming increasingly difficult and volatile in the period since 30 June 2008. This has continued to have an adverse effect on the fair valuations of the group’s portfolio of financial investments, and on demand for its products, leading to a decline in the earnings of the Company’s main divisions when compared to the same period in 2007. However property, agency and brokerage segments of the group continue to perform well.
The capital position of the group remains sound and the Board of Directors believe that the Company remains well positioned to handle the challenging environment, and to enhance stakeholder value in the long term.