Global Capital achieved a substantial turnaround last year following the implementation of a revitalisation programme, chairman Nicholas Ashford-Hodges told the annual general meeting on Thursday.

Earlier this year, the group reported a reduction in losses, declaring a post-tax loss of €760,744 for the year ended December 31, 2009, compared to a post-tax loss of €6,886,162 the previous year.

Mr Ashford-Hodges said the overall performance improved as the group focused on increasing staff training, upgrading management practices, streamlining processes, reducing costs and increasing overall sales efforts.

"Global Capital has emerged from 2009 as a stronger company, well positioned for further growth. Even though the worldwide economic crisis triggered in 2008 continued to have serious implications on the economic performance in 2009, Global Capital was able to reverse most of the 2008 losses through a number of changes aimed at increasing long-term shareholder value and protecting value creation for our clients," said Mr. Nicholas Ashford-Hodges.

The group's long-term strategy has been modified to suit the current financial situation. Mr Ashford-Hodges said that due to the implementation of stringent and demanding regulations and the uncertainty of the global economic environment, the company needed to ensure that its long-term strategy provides a sufficient shield from any future economic after-shocks and any erratic performance of the local and international stock market.

The company also envisages rapid growth from new investments in the property division that includes construction management, finishing, and property development.

Chief executive Nicholas Portelli said improving efficiency across the company was the first task set out by a revitalisation programme; the second phase currently underway involves the front office segment. A review of every line of business and every process was conducted with the aim of reducing costs.