Hardman & Co Research: Careful management allows special dividend

City of London has announced its results for 1H of FY'19. With the headline revenue and profitability figures having been given in January's trading statement, the main headline is the announcement of a special dividend of 13.5p. This will be paid at the same time as the interim dividend and will cost £3.4m. Given the company had £18.7m of cash at 31 December, this will still leave it with a more than comfortable capital position. Although City of London has increased its dividend over the last couple of years, it has still been accumulating additional cash, so this return of some surplus will be welcomed.Please click here for the full report:

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