Global Financial Services Group has announced a significant increase in profit. The group registered a profit before taxation for the six months ended 30 June of Lm674,588. This represents an increase of 69 per cent compared to the corresponding result for 2004, which totalled Lm397,998.

Operating profit has increased by 139 per cent from Lm182,425 for the first six months in 2004 to Lm435,661 for the six months ended 30 June 2005. Earnings per share for the six months ended 30 June 2005 increased to 4c0 from 2c3 – an increase of 1c7 over the corresponding six months of the previous year.

Based on these very encouraging results the board has approved the payment of a gross interim dividend of 1c5 per share totalling Lm198,113 payable to shareholders who were on the company’s register of members as at 12 August.

Global Group chairman Christopher J. Pace stated: “We have seen constant growth over the past years. Positive results have been registered by all three divisions of our group – investment, insurance and property. We are therefore pleased to declare an interim dividend for the first time. This dividend is being paid just a few months after the payment of the 2004 dividend and confirms our continuing commitment to deliver the best return to our shareholders. The results represent our first six months of the year and we remain confident that the group will deliver more positive results in 2005 and the coming years.”

Through its various subsidiaries, the group has diversified revenue streams and is involved in the provision of investment services, fund advisory services, life and health insurance, insurance broking and property management and advisory services.

“Commission and fees received increased by Lm501,525 (61 per cent) totalling Lm1,324,480 compared to Lm822,755 for the same period in 2004,” said group chief executive officer Nicholas Portelli. “The figures are testament to the tremendous effort and dedication shown on continuous basis by the Board and all our staff. The Net Asset position of the group currently stands at Lm10.2 million and provides the right foundation for the group to continue to expand.”