The Global Capital Group’s restructuring plan, kicked off by the appointment of a new CEO in June 2014, is showing encouraging signs of success. The group registered a profit before taxation of €1.2 million for the first six months of 2015, compared to a loss of €966,897 for the same period in 2014.

The directors said they had a “reasonable expectation” that the group would have adequate resources to continue their operations for the foreseeable future, adopting a “going concern basis” when preparing the financial statements.

Auditor Deloitte was more cautious, noting that the repayment of the group’s bond due in June 2016 was “fully dependent on funding from external investor”, and said that “the existence of a material uncertainty” could yet cast significant doubt about the company’s ability to continue as a going concern.

The external investor is EIP, which has agreed to buy the equity previously held by BAI Co (Mtius) Ltd, which holds 48.45 per cent of the ordinary shares, now in the hands of conservators.

The revocation of the banking licence of BAI’s bank, Bramer, by the Financial Services Commission in Mauritius, resulted in a net impairment of €940,976 as a result of the investment write-down of the equity value.

The directors have not recommended the payment of an interim dividend.