The Board of Directors of GlobalCapital p.l.c. have declared a profit before tax for the Group of Lm151,862 (e353,743) for the period 1 January 2007 to 31 December 2007 (2006: Lm3,171,685 / e7,388,039), which translates into a profit after tax of Lm248,966 (e579,935) when compared to Lm2,039,334 (e4,750,370) in 2006. This represents earnings per share of (Lm)1c9 or 04.4 euro cents when compared to (Lm)15c4 or 36 euro cents in 2006. As a result the Group’s total assets increased to Lm45,102,458 (e105,060,466).

Commenting about these results, Mr Christopher J. Pace, Chairman of GlobalCapital p.l.c. said, “2007 proved to be a challenging year for the international financial services industry, with turmoil in most aspects of the financial markets. The international credit crisis has resulted in a severe correction in the bond, equity and property markets. This had a two-fold impact on the Group’s business. The Group’s equity and bond investment portfolio has suffered severe reduction in values resulting in an unrealised investment loss as at year end. Whilst, on the other hand, the turbulence in the markets has also influenced investor confidence with investors assuming a defensive position into cash.”

Income from performance fees which for the year 2007 decreased by Lm2,449,664 (e5,706,182) from Lm2,507,472 (e5,840,839) to Lm57,808 (e134,656).

The Group’s Business of Insurance segment continued to register steady progress which is reflected in the growth of premiums written. In 2007, these amounted to Lm5,423,888 (e12,634,260) compared to Lm4,169,850 (e9,713,138) in 2006. The same positive trend was experienced in the Group’s agency and brokerage services segments, whereby turnover increased to Lm819,246 (e1,908,330) in 2007 compared to Lm549,261 (e1,279,434) in 2006. This also led to a segment result of Lm277,687 (e646,837) in 2007 compared to Lm14,410 (e33,566) in 2006.

The Group’s property segment has continued to perform at good levels in line with previous years with a turnover of Lm468,621 (e1,091,593) in 2007, compared to Lm 79,934 (e186,196) in 2006. The corresponding result for this segment is Lm1,915,854 (e4,462,739) in 2007 compared to Lm749,710 (e1,746,355) in 2006.