GlobalCapital Group has registered a loss after tax of €8.25 million for the year ended December 31, 2010, compared to a loss after tax of €0.76 million in 2009.

Nicholas Ashford-Hodges, GlobalCapital chairman said: “The financial results for 2010 reflect the past and not the future and will not impact the steps already taken during the year to focus on the core business of financial services, under new leadership.”

The company said the results for 2010 were adversely affected by a number of non-cash/non-recurrent items totalling €5.8 million, notably goodwill written off and fair value movements on investment property.

“On a cash basis, operational performance was flat, with a negative performance of €2.5 million in 2010 at a similar level to 2009. Financial investments experienced a slowdown, with net unrealised fair value gains reducing to €0.6 million from the €2.6 million recorded in 2009,” the company said.

“GlobalCapital has carried out a necessary exercise to remove paper losses and non-recurring items from its accounts, which enables us to focus on steering the group operations towards revenue growth and expense management while providing innovative products and services that will lead the group to growth and profitability,” said Bashar Khatib, the recently appointed chief executive officer of GlobalCapital.

“It is expected that 2011 will show an improvement in operational performance as is already being demonstrated in the first part of the year,” he added.

“We have a strong balance sheet and the asset base has been only marginally affected by the 2010 results. I am very pleased that we are seeing positive signs of a turnaround and I express full confidence in Mr Khatib, our new CEO, who brings with him a wealth of experience and an excellent track record which will enable us to explore new horizons both in the local market and internationally,” added Mr Ashford-Hodges.