This represents a significant increase of 49.3 per cent over the comparable 2003 period.

Global Group chairman Christopher J. Pace said: “The results achieved are very encouraging and should stand us in good stead for the second half of the

year. The diversified revenue streams/business underline the inherent strength of the Global Group and we believe we are on track to delivering good year end results to our shareholders. Our strong balance sheet, and Malta’s EU membership, allow us to pursue international markets with a greater degree of strength and confidence.”

The six months’ trading figures were characterised by improved turnover levels across the Group, with an increase of 12.7 per cent totalling Lm2,672,354 compared to Lm2,369,733 during the same period in 2003.

Solid growth in sales in a competitive market, combined with on-going cost control initiatives and re-structuring of various operations, have all contributed to the improvement in the group’s results.

During the first six months of 2004 the Group successfully launched capital guaranteed and single premium products through its subsidiary companies – Globe Financial Management Ltd and British American Insurance Co. (Malta) Ltd. The Group also formalised its property division through the creation of Quadrant Ltd – a property consultancy and management company.

The Global Group constantly evaluates business opportunities, both locally and overseas, in a bid to further strengthen its net asset base and diversify revenue streams. Group net assets as at 30 June 2004 stand at over Lm9 million – a significant improvement over 2002, when the Group’s net asset base was Lm2.5 million.

The Global Group employs over 110 employees and consists of Globe Financial Management Ltd, British American Insurance Co. (Malta) Ltd, BUPA Agencies Ltd, Globe Fund Advisors Ltd and MY Insurance Brokers Ltd, all of which are licensed by the Malta Financial Services Authority. The group also includes Quadrant Ltd, which is a property management and consultancy company.