GlobalCapital plc has announced a post-tax loss of €760,744 for the year ended December 31, 2009, compared to a post-tax loss of €6,886,162 for the previous year. As at December 31, 2009, the total asset base stands at €99,543,142, a marginal increase compared to €99,362,227 at the end of 2008.

A company statement said: "The results demonstrate the effect of the revitalisation programme initiated by the board in early 2009, the momentum of which is being sustained in 2010. A rationalisation exercise resulted in a significant reduction in the Group's cost base, the reorganisation of the Group's front office and the automation of back office processes have brought about improved operational efficiencies.

"The revitalisation programme was underpinned by the board's continued focus on ensuring the robust risk management practices are in place."

It added: "The results also reflect a partial recovery of the financial markets. However the investors remain cautious and a full recovery is likely to be slow. As a result commission revenue on investment activities was low."

The company said that the life insurance business registered a pre-tax profit of €1,980,969 in 2009 compared to a pre-tax loss of €2,186,757 for the previous year. It said property investors contributed favourably to the group's results during 2009, while the health insurance and insurance brokerage businesses continue to generate profits.

"The global financial industry experienced a series of crises in 2008-9 which in turn had a pronounced negative effect on the group's operations. Nevertheless, the results for 2009 reflect an encouraging turnaround which is expected to improve further in 2010," the company said.

In view of the 2009 results the directors did not recommend a dividend.