Global Capital has made a turnaround to profit making operations for the financial year ending last December 31, for the first time in seven years.

For the year under review, the group reported a profit after taxation of €222,671 compared to a prior year loss after taxation of €3,661,194.

A careful implementation of the aggressive transformation strategy launched in early June 2014 helped improve the results of all the regulated businesses forming part of the group, it said.

The aim of this plan was to ensure the long-term sustainability and profitability of the group primarily by reducing overall operational costs and increasing revenues from the group’s core business activity – life and health insurance.

The adverse impact of one-off restructuring and redundancy costs is reflected in the 2014 financial results but nonetheless, the group still registered a profit after taxation for the full year under review.