GlobalCapital p.l.c. have reported an after tax loss of €760,744 for last year, down from a loss after tax of €6,886,162 in 2008.

The company said that even though the effects of the global financial crisis were still being felt across the international markets, the group successfully mitigated obstacles through several initiatives to ensure a reversal of losses and a financial recovery throughout last year.

The Board noted that a cost rationalisation exercise implemented in 2009 resulted in a marked reduction in the group’s cost base.

It also noted that 2009 was a crucial year for GlobalCapital p.l.c. and the group’s determination to execute a revitalisation plan was critical to achieving stronger financial results.

The revitalisation plan resulted in a reorganisation of the group’s operations, a stronger front office with larger sales and customer services teams and increased efficiency across the group, in particular in back office structures which were also made leaner through an investment in automation.

Several training programs were also put in place for training of new and existing staff.

The results also reflected a partial recovery of the financial markets. However,investors remained cautious and a full recovery was likely to be slow. As a result commission revenue on investment activities was low.

But despite the harsh climate, GlobalCapital Life Insurance Ltd. registered a profit before tax of €1,980,969. The health insurance company and the insurance brokerage company also continued to generate profit.

The group also experienced positive developments in its property activities. During the period under review, it sold all properties it owned in its Sliema development and recently launched a new up-market property development in Madliena comprising of 12 luxurious apartments.

At the end of last year, the group’s total asset base remained strong at €99,543,142, compared to €99,362,227 as at the end of 2008.