at the group’s future in its six-month interim results.
AIM-listed group made a pre-tax loss of £22.5 million (€24.3
million). Revenue fell to £4.2 million over the period, compared to
£6.6 million for the comparative six month period ending in
2007.
GC’s asset finance segment saw revenue fall around 10 percent
year-on-year, to £1.4 million in the second half of 2008.
Referring to the company’s ability to continue to function as a
business entity, GC’s interim results were prepared on a going
concern basis.
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“The company is only continuing to trade due to the support of
its bankers and although the Company’s discussions have been and
remain constructive there can be no certainty that this will always
be the case,” the company said.
The group, which said it intends to cut operating costs
“drastically”, is also considering cancelling the trading of its
shares on AIM.
“The company’s present deficit to its banks is of such a scale
that it is currently difficult to see any future value for ordinary
shareholders of the company,” it added.
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