Pre-tax losses at the Irish arm of fintech company Global Shares last year increased almost fourfold to €21.5m. New accounts filed by the Clonakilty-based Global Shares Ireland Ltd show that losses increased sharply as revenues rose by 9pc from €31.56m to €34.9m. The pre-tax loss of €21.57m is a 362pc increase on the pre-tax losses of €5.95m recorded in 2021. Last year, JP Morgan acquired the global business of Global Shares in a deal worth $730m. The new accounts for Global Shares Ireland show that the chief factor behind the increased pre-tax losses was the company’s administrative expenses more than doubling from €28.78m to €69.92m.

Source: Irish Independent December 07, 2023 02:46 UTC